Payday lending is just an industry that is billion-and-a-half-dollar-a-year Washington State and growing вЂ” rapidly.
Some lawmakers and advocates when it comes to poor wish to cap rates of interest on these shortвЂ“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.