West Virginia payday loan

The Senate Banking, Finance and Insurance Committee heard the bill on and things did not go well for the bill’s opponents, who included the Center for Responsible Lending and Consumers Union wednesday.

07Jan

The Senate Banking, Finance and Insurance Committee heard the bill on and things did not go well for the bill’s opponents, who included the Center for Responsible Lending and Consumers Union wednesday.

On Monday we blogged about AB 377 (Mendoza), which will allow Californians to publish a personal check for as much as $500 to secure an online payday loan, up dramatically through the present optimum of $300. Under this proposed modification, a debtor who writes a $500 check to a payday lender would get a $425 loan – which needs to be paid back in complete in only fourteen days approximately – and pay a $75 charge.

×