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The Battle Over Payday Lending in WA State

The Battle Over Payday Lending in WA State

Payday lending is just an industry that is billion-and-a-half-dollar-a-year Washington State and growing — rapidly.

Some lawmakers and advocates when it comes to poor wish to cap rates of interest on these short–term, high-interest loans. But lenders that are payday this may place them away from business. 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 now we outlawed usury a 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 ISSUE IS APPLETON CAN’T GET YOURSELF A HEARING ON HER BILL. SHE BLAMES THE PAYDAY FINANCING INDUSTRY.

REPORTER: “Why do you really maybe perhaps maybe not help a thirty-six per cent cap on payday advances?”

KIRBY: “A thirty-six % limit on payday lending is just an issue that is red-herring start out with.