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New pay day loan bill could conserve the industry. Or ensure it is more lucrative.

New pay day loan bill could conserve the industry. Or ensure it is more lucrative.

A bill in the Legislature that would result in bigger loans and higher fees is a gift to a predatory industry for critics of payday lenders.

At a look, they might be appropriate. Floridians, mostly in poor communities, took down a staggering 7.7 million pay day loans over year in 2016 and 2017. And almost a 3rd of all of the clients took away at the least 12 loans that 12 months, an obvious indication of the „debt trap“ that lenders make money from, experts state. Continue reading New pay day loan bill could conserve the industry. Or ensure it is more lucrative.