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Tag: zack

April
2nd

Proposal for installment loans with up to 200 percent interest clears another hurdle

The House Committee on Business and Financial Services approved a bill backed by Seattle-based payday lender Moneytree today. The vote: 13-to-2.

Senate Bill 5312 would allow lenders to make loans of up to $1,500 with effective interest rates nearing 200 percent and repayment periods stretching from six months to a year.

Currently, payday lenders can lend up to $700. Those loans — which can have effective interest rates of up to 391 percent — must be repaid with one balloon payment on the borrower’s next payday.

The Business and Financial Services Committee Chair, Rep. Steve Kirby, R-Tacoma,

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