How One State Succeeded in Restricting Payday Advances
Washington State passed a pay day loan reform bill that just limits the sheer number of loans an individual can ingest a year. HereвЂ™s just just what occurred.
Series: Debt Inc.
Lending and Collecting in America
a form of this story was co-published using the St. Louis Post-Dispatch.
During 2009, customer advocates in Washington State chose to here is another new approach to regulating pay day loans. Like reformers in other states, theyвЂ™d tried to obtain the legislature to ban high-cost loans outright вЂ” but had struck a stone wall surface. Therefore, alternatively, they was able to get yourself a legislation passed that restricted borrowers to a maximum of eight loans that are payday 12 months.