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Philadelphia, PA вЂ“ prior to a forthcoming industry-backed bill to permit high-cost, long-lasting payday advances in Pennsylvania, Philadelphia City Council took step one toward fending down their efforts by adopting an answer, askin people in the General Assembly to oppose any such legislation.
For over 10 years, the out-of-state payday loan providers have already been attempting to bring their predatory loans into Pennsylvania by lobbying for legislation that will eviscerate state caps on interest and costs for customer loans. This session, they have been trying to legalize long-lasting payday advances, an item they increasingly have actually available in states where high-cost financing is appropriate so as to avoid laws geared towards their old-fashioned two-week pay day loans.