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Posted by on Nov 12, 2020 in | 0 comments

Legislation would bring straight back controversial payday loan industry in new york

Almost 12 years after new york lawmakers prohibited short-term pay day loans within the state, loan providers are making an effort to make their controversial industry legal once more.

A bill filed within the state Senate a week ago would bring lenders right back.

Experts state the loans, which past a few months and so are paid down in the paydays regarding the borrowers’ jobs, exploit the poor and place them into more financial obligation than they could manage.

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