U.S. Sen. Elizabeth Warren, D-Mass., talks at a meeting in Washington, D.C., 8, 2015 july. Picture: Jennifer Graylock/Getty Images
People of Congress whom oppose tighter federal laws on short-term, high-interest-rate loans have actually pointed to Florida’s looser rules as a better alternative. The real question is, better for who?
A fresh report through the nonprofit Center for accountable Lending (CLR) shows that the Florida regulatory model causes it to be easier for alleged payday loan providers to benefit the backs off of low-income customers, accruing millions in interest re re payments every year while their borrowers sink deeper underwater. (altro…)