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BLOG: Watchdog: The Lowdown on Payday Loans

18.05.12

Still, some state residents are getting the loans illegally online and others are crossing state lines to get loans in states where they are legal. They’re possibly being exploited in the process. Is that enough of a reason to change the law to allow the loans to occur in Pennsylvania, so they can be regulated and protect borrowers?

More than 50 state legislators, including a few from the Lehigh Valley, say yes. They’re backing House Bill 2191 , which they say would allow payday loans to occur safely by licensing lenders and structuring loans with the intent of keeping borrowers from being buried in excessive debt.


Source: LoanSafe

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