Payday financing is just a billion-and-a-half-dollar-a-year industry in Washington State and growing вЂ” quickly.
Some lawmakers and advocates when it comes to poor wish to cap interest levels on these shortвЂ“term, high-interest loans. But payday loan providers argue this may place them away from company. The fight has kicked-off a lobbying frenzy that is dividing majority Democrats. Olympia Correspondent Austin Jenkins reports.
APPLETON: “It really is about usury. And then we outlawed usury a very long time ago.”
AND THIS APPLETON IS SPONSORING A BILL THAT WOULD CAP THE ANNUAL INTEREST RATE ON PAYDAY LOANS AT THIRTY-SIX PERCENT year. THE THING IS APPLETON CANNOT OBTAIN A HEARING ON HER BILL. SHE BLAMES THE PAYDAY LENDING BUSINESS.
REPORTER: “Why would you maybe maybe maybe not help a thirty-six % cap on payday advances?”
KIRBY: “A thirty-six % limit on payday lending is just an issue that is red-herring start with. It really is a ban in the industry.”