Senate Passes Bill to Expand Short-Term Loans - Spokane, North Idaho News & Weather KHQ.com

Senate Passes Bill to Expand Short-Term Loans

Posted: Updated:

OLYMPIA, Wash. - The Washington state Senate approved a plan Wednesday that would allow customers to get a new type of short-term loans.

Lawmakers in the Senate passed the idea by a 30-18 margin. Proponents say customers want more time to pay back small loans and the bill would allow minimum repayment terms of six months.

Opponents say the idea is a new form of predatory lending that would trap consumers it debt spirals. The maximum interest rate for the loans would be 36% but lenders can also add additional penalties and fees.
    
Companies like payday lender Moneytree supports the bill. Lawmakers approved laws in 2009 that put restrictions on payday loans.

  • Most Popular StoriesMost Popular StoriesMore>>

  • PHOTOS JUST IN: Devastation from Carlton Complex; 300 homes burned

    PHOTOS JUST IN: Devastation from Carlton Complex; 300 homes burned

    Saturday, July 26 2014 12:07 AM EDT2014-07-26 04:07:59 GMT
    TWISP, Wash. (AP) - The Okanogan County Sheriff says the Carlton Complex wildfire has many more homes than previously thought. Sheriff Frank Rogers said Friday that the Carlton Complex fire has consumed about 300 homes this month. His office previously placed the number at 150, but he said then he knew it would rise.>>
    TWISP, Wash. (AP) - The Okanogan County Sheriff says the Carlton Complex wildfire has many more homes than previously thought. Sheriff Frank Rogers said Friday that the Carlton Complex fire has consumed about 300 homes this month. His office previously placed the number at 150, but he said then he knew it would rise.>>
  • Throwback Thursday! Look At 'Sunshine Shelly' Through The Years!

    Throwback Thursday! Look At 'Sunshine Shelly' Through The Years!

    Thursday, March 20 2014 1:04 PM EDT2014-03-20 17:04:11 GMT
    KHQ.COM - It's throwback Thursday! Here is a slideshow we would like to share of Shelly Monahan through the years! For those of you who have been in Spokane for many years, and saw her through her "Sunshine Shelly" days, you will probably remember the Shelly from back in those days. Enjoy!>>
    KHQ.COM - It's throwback Thursday! Here is a slideshow we would like to share of Shelly Monahan through the years! For those of you who have been in Spokane for many years, and saw her through her "Sunshine Shelly" days, you will probably remember the Shelly from back in those days. Enjoy!>>
  • 44 Riverside homes destroyed or damaged in storm

    44 Riverside homes destroyed or damaged in storm

    Thursday, July 24 2014 3:46 PM EDT2014-07-24 19:46:53 GMT
    RIVERSIDE, Wash. - Many families were still at the Red Cross Shelter set up at Riverside High School in Riverside this morning.An afternoon storm destroyed or damaged 44 of their homes and knocked down close to 100 trees in Riverside Village Mobile Home Park.Many residents said the storm looked like a tornado as it swept through their neighborhood.>>
    RIVERSIDE, Wash. - Many families were still at the Red Cross Shelter set up at Riverside High School in Riverside this morning.An afternoon storm destroyed or damaged 44 of their homes and knocked down close to 100 trees in Riverside Village Mobile Home Park.Many residents said the storm looked like a tornado as it swept through their neighborhood.>>