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

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

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Maine Bureau of Credit Rating Protection Formal Testifies Ahead Of The Senate Aging Committee

WASHINGTON, DC—Even though Maine laws and regulations prohibit the sort of abusive, really high-interest, short-term lending methods often linked with “payday” loans, this particular unscrupulous financing nevertheless does occur in Maine through Internet-based financing businesses, driving many customers even more into financial obligation. The Special Committee on Aging, of which Senator Collins could be the Ranking Member, analyzed problems related 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 when it comes to Maine Bureau of credit rating Protection testified in regards to the prevalence that is troubling of financing that Maine customers have faced. 继续阅读