Tag: washington payday loan laws
UPDATE ON WASHINGTON PAYDAY LOAN LAWS: A bill backed by Seattle-based Moneytree to reshape the state’s payday loan regulations and allow longer-term borrowing survived a contentious Senate debate but was not taken up by the House. Senate Bill 5899 would replace traditional two-week, high-interest consumer loans with “installment loans” that could extend – and accrue interest and monthly fees – over several months.
“Report shows Payday Lending Law is helping keep people out of debt” – All the Washington regulators did was shove Washington payday loan customers into the hands of unlicensed internet and tribal Lenders! The Washington DFI has no clue how many payday loan transactions are completed online. Nor does the DFI know the APR’s, the fees being paid…
Yes, the number of payday loan lenders with offices in WA have contracted. So… less jobs, higher commercial vacancy rates, less taxes paid and on and on. And, the DFI has enabled an unlicensed payday loan operator in Belize or Costa Rica or the XXX Tribe to gather financial data (SS#’s, bank acct. info…) about Washington state residents! Consumers everywhere WANT their payday loan.