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Philadelphia, PA – prior to a forthcoming industry-backed bill to permit high-cost, long-lasting payday advances in Pennsylvania, Philadelphia City Council took the initial step toward fending down their efforts by adopting an answer, contacting people of the General Assembly to oppose any legislation that is such.

For over ten years, the out-of-state payday loan providers have already been attempting to bring their predatory loans into Pennsylvania by lobbying for legislation that will eviscerate state caps on interest and charges for customer loans. This session, they have been attempting to legalize long-lasting payday advances, an item they increasingly have actually available in states where lending that is high-cost legal so as to avoid laws directed at their old-fashioned two-week pay day loans.

The industry claims that whatever they want to supply is a safe credit item for customers. (más…)