“We believe the predatory payday lenders have been allowed to run roughshod over our vulnerable citizens for long enough,” stated attorney
According to a report from the
“The only option other than paying is to roll over the loan into a new term of several weeks, with an additional fee added,” stated Botes. “Many consumers who use payday loans often cannot get loans through traditional sources. In a time of great need, they turn to payday lenders, but it ultimately costs them more in the end.”
Payday loan borrowers spend approximately
“Our state does not have a good track record on this issue. By population, we also have a higher concentration of payday lenders than any other area of
Ten states, including
“It’s time for our state to take action against predatory payday lending as other states before us have,” stated Botes. “We believe that payday loan reform would be a significant, positive step for the citizens of
The law firm is hoping to collect at least 2000 signatures. The petition will then be sent to
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