Regarding the payday loan bill in the state legislature (Senate Bill 5899): This bill would allow a $700 loan with 36 percent interest, 15 percent loan origination fee, and 7.5 percent monthly maintenance fee, thus potentially costing a borrower $1,687, even if the borrower made all payments timely. Under current state law the borrower would pay $795. Which would you choose?
I believe this bill must be stopped dead! Reforms in payday lending rules could be made, but this bill makes it all much worse for needy borrowers. Contact your legislators immediately.
We must remember that MoneyTree gave out at least $81,700 in campaign contributions to legislative sponsors. Hmmm.