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Brand Brand New California Law Targets Long-Term Payday Advances; Will Payday Lenders Evade it?

Brand Brand New California Law Targets Long-Term Payday Advances; Will Payday Lenders Evade it?

Washington, D.C. – Advocates at the National customer Law Center applauded news that Ca Governor Gavin Newsom belated yesterday signed into legislation AB 539, a bill to prevent outrageous rates of interest that payday loan providers in Ca are charging you to their bigger, long-term payday advances, but warned that the payday lenders seem to be plotting to evade the brand new legislation.

“California’s brand-new law targets payday loan providers which can be asking 135% and greater on long-lasting pay day loans that put people into a level much deeper and longer financial obligation trap than short-term pay day loans,” said Lauren Saunders, online installment FL connect director regarding the National customer Law Center.