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.
Thursday, May 23 2013 5:12 PM EDT2013-05-23 21:12:15 GMT
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