Senators Introduce Bill to Crack Down on Online Pay Day Loans

Senators Introduce Bill to Crack Down on Online Pay Day Loans

Washington, DC – Today, Oregon’s Senator Jeff Merkley, Senator Tom Udall (D-NM), Senator Dick Durbin (D-IL) and Senator Richard Blumenthal (D-CT) introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SECURE Lending Act would break straight down from the worst methods of this online payday financing industry and provide states more capacity to protect customers from predatory loans.

“We tossed the payday lenders, who victimize families if they’re at their many vulnerable, away from Oregon back 2007,” stated Merkley. “Technology has had many of these scams online, and it’s really time and energy to break straight straight down. Families deserve a shake that is fair they may be trying to borrow funds, perhaps perhaps not predatory loans that trap them in a vortex of financial obligation.”

“all too often, families whom move to payday lending autumn target to deceitful techniques making it harder for them which will make ends satisfy. Continue reading Senators Introduce Bill to Crack Down on Online Pay Day Loans