Payday Loans For Military With No Credit Check

Payday Loans For Military With No Credit Check

House-passed payday lending bill stalls in Senate

Opponents of this lending practice see that as good news for the state’s most vulnerable residents who might turn to these lenders for high-priced loans to get them through to their next payday.

They also view the measure’s stalling in the Senate Banking and Insurance Committee, where it fell two votes shy of passing in the waning days of this two-year legislative session, as a short-term victory. Its critics suspect the out-of-state companies and their lobbyists will be back again next year when the new legislative session begins.

“We are committed to fighting this over the long term and being vigilant to stop the predatory lenders from harming vulnerable Pennsylvanians,” said Kerry Smith, who is staff attorney for Community Legal Services of Philadelphia, which assists low-income residents.

Meanwhile, lenders see this delay as unfortunate for people who encounter situations where they need short-term credit.

They say high-interest credit cards, bounced checks, late-payment fees and unregulated payday loans offered on TV and via the Internet will cost consumers far more than the maximum $12.50 for every $100 borrowed plus a $5 fee that the legislation allowed.

“They’ll just pay more. It’s that simple,” said John Rabenold, an executive with Axcess Financial, a Cincinnati, Ohio-based consumer loan company which operates Check ’n Go stores in other states. “The one reality is ... the demand for credit will continue in the future, and that demand will be in all forms of credit, short-term and long-term.”

However, he and lobbyists working for short-term lenders say they sense that support for payday-lending legislation is gaining traction.

One remarked that legislators who were opposed to the proposal in 2005, when it was first pursued, have come around to support it since the restriction was added to bar borrowers from getting another payday loan until a prior one is paid off.

It was the inclusion of strict consumer protections in the bill that led Senate Banking and Insurance Committee Chairman Don White, R-Indiana County, to support it, said his chief of staff, Joe Pittman.

But there was no convincing Sen. Pat Vance, R-Cumberland County, who was one of four Republicans on White’s committee who opposed the bill.

She and Sens. Stewart Greenleaf and John Rafferty, both of Montgomery County, and Jane Earll of Erie County, along with Democratic members of the committee, outnumbered White and other supporters.

payday loans no credit check military - Виктор Широких - LiveJournal

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