Payday Lenders Gave $400k to Legislators passage that is surrounding of Allowing 279% APR Loans

Payday Lenders Gave $400k to Legislators passage that is surrounding of Allowing 279% APR Loans

Payday Lending Industry Contributed thousands of Dollars to Tennessee Lawmakers during the exact same Time They forced for the versatile Credit Act within the State, which will Legalize that loan With an APR of 279per cent.

“The payday financing lobby contributed hundreds of thousands of bucks to Tennessee lawmakers while the industry pressed for a fresh sort of loan when you look at the state, NewsChannel 5 Investigates discovered. The versatile Credit Act created flex loans and legalized their 279% apr. It sailed through the typical Assembly in 2014, moving unanimously within the state Senate in accordance with bipartisan support in the home. But our investigation found that few lawmakers questioned the newest item or perhaps the high interest.” Nashville Information Channel 5: “Lawmakers Took Payday Lenders’ Cash, Asked Few Concerns,” 2/17/16

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