Senator Collins’ Committee Examines Predatory “Payday” Loans Issued by Online Lenders

Senator Collins’ Committee Examines Predatory “Payday” Loans Issued by Online Lenders

Maine Bureau of Credit Rating Protection Formal Testifies Prior To The Senate Aging Committee

WASHINGTON, DC—Even though Maine laws and regulations prohibit the sort of abusive, extremely high-interest, short-term financing techniques usually linked with “payday” loans, this kind of unscrupulous financing nevertheless does occur in Maine through Internet-based financing businesses, driving numerous consumers even more into financial obligation. The Special Committee on Aging, of which Senator Collins may be the Ranking Member, analyzed problems associated to payday loans and deposit advance services and products during a hearing entitled, “Payday Loans: Short-Term Solution or Long Term Problem? ”

Eric Wright, an employee Attorney for the Maine Bureau of credit rating Protection testified concerning the unpleasant prevalence of online financing that Maine customers have actually faced. In accordance with Wright, their division receives day-to-day telephone calls from Mainers victimized by these on the web loan providers.

Senator Collins, whom formerly served as Maine Commissioner of pro and Financial Regulation and oversaw the Maine Bureau of credit Protection into the McKernan management said, “We are lucky that Maine’s legislation prevent abusive ‘payday’ loans, that may commit borrowers to spending almost 400 % percentage that is annual, and also higher, on short-term loans. (más…)

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