Early in the day this thirty days, state Sen. John Yudichak kickstarted this yearвЂ™s version of exactly what has become an annual Pennsylvania General Assembly tradition. He delivered a memo to another users of the Senate, asking due to their co-sponsorship of a bill that вЂњends payday lendingвЂќ when you look at the state.
It feels like an odd objective, most likely because youвЂ™ve never seen a payday lending store if you live here in Philadelphia or anywhere in Pennsylvania. And thatвЂ™s for good reasons. Pennsylvania laws and regulations effortlessly ban them. These short-term, high-interest price loans infamous for trapping low-income borrowers in a debt period are impossible as a result of state laws that cap yearly rates of interest between about 24 and 28 %.