Payday Lenders Denied: Expansion of High-APR Loans Halted for a 3rd Time

Payday Lenders Denied: Expansion of High-APR Loans Halted for a 3rd Time

Compiled by William Bryant Rozier

A coalition of nonprofits and community representatives, led by the Indiana Institute for Working Families and including Fort Wayne’s own Brightpoint, recently beaten bill HB 1319 that will have expanded payday advances having an APR as much as 222percent.

The beat (the next in as much years) insured that cash advance businesses could maybe perhaps not expand their lending that is allowable up $1,500 over year, although their present style of two-week payday advances up to $605 keeps.

Their present plan nevertheless perpetuates a period of crisis borrowing, keeping a status quo of monetary stress for families, based on Brightpoint Executive Director Steve Hoffman. Continue reading “Payday Lenders Denied: Expansion of High-APR Loans Halted for a 3rd Time”