Pennsylvania House Bill 2191 has been introduced to try and get payday lending legal again in the state. The bill not allow rollovers and the cost is around $14 per $100. The bring up all the normal stuff: cycle of debt, usury, impossible to regulate, APRs. What they don’t say is where you can go when you need $300 and no one will give it to you. They also fail to recognize that people, in Pennsylvania, have access to payday loans through the Internet. People are getting loans, so why not regulate it? Or not regulate it at all and let people make their own decisions?
Typically, the Northestern part of the country is very liberal, so I’m not optimistic. They also have a website here. I guess we’ll see what happens.
