New loan that is payday could save your self the industry. Or allow it to be more lucrative.

New loan that is payday could save your self the industry. Or allow it to be more lucrative.

A bill in the Legislature that would result in bigger loans and higher fees is a gift to a predatory industry for critics of payday lenders.

At a look, they may be appropriate. Floridians, mostly in bad communities, took away an astounding 7.7 million payday advances over year in 2016 and 2017. And almost a third of all of the clients took away at the very least 12 loans that year, a clear indication of the «debt trap» that lenders make money from, experts state.

Nevertheless the bill is cruising through the Legislature with bipartisan help. (más…)