Moneytree leads push to loosen state’s payday-lending law

money lending

Washington’s payday lenders have lost three-quarters of their business in the five years since a tough new state law restricting the high-cost loans marketed to poor families took effect.

Now the industry, led by Seattle-based Moneytree, is lobbying state lawmakers to revamp the law. Lenders are backing legislation to eliminate traditional two-week payday loans and replace them with “installment loans” that would stretch repayment out for up to a year.

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http://www.seattletimes.com/seattle-news/moneytree-leads-push-to-loosen-states-payday-lending-law/

 

http://www.nytimes.com/2015/03/29/opinion/sunday/progress-on-payday-lending.html?ref=topics&_r=0

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