State lawmakers thought they certainly were breaking down on predatory lending if they passed legislation in 2012 that restricted the sheer number of pay day loans an individual could easily get every year.

But lenders that are payday Delaware and nationwide answered by changing the sorts of loans they feature in order to prevent strict legislation that just use to payday advances.

Which means, regardless of the state’s efforts, several thousand Delawareans are still having to pay three- or also four-digit rates of interest on loans which are designed to assist them to in economic emergencies but can keep them in a cycle of financial obligation. Continue reading “Lawmakers attention caps on changing lending industry that is payday” →