On Tuesday, June 19, Penn Action organizer, Robin Stelly and volunteer, Frank Arcoleo visited Harrisburg to deliver signatures on a petition asking Pennsylvania Senators to vote NO on HB 2191 in committee and if it comes to the full Senate for a vote. More photos of signatures being delivered are available at Penn Action’s Facebook page.
HB 2191 would remove the 24% APR interest cap on short term loans at which point it is safe to assume that payday lenders would flood PA. From the website Stop Payday Loans PA:
Payday loans are an abusive form of lending that traps borrowers into a long-term cycle of debt even though payday lenders market them as a quick financial fix. In fact, the loan product itself is structured to create repetitive borrowing. In states which legalize payday loans at triple-digit interest rates, the debt trap is the norm, not the exception. Thankfully, existing Pennsylvania law prevents such exploitative lending practices.
You can take action now to keep predatory payday lenders out of PA by asking your state Senator to vote NO on HB 2191.