Pay day loan providers seek out security in Tallahassee, solution costs.

Pay day loan providers seek out security in Tallahassee, solution costs.

A bill that is proposed label the loan providers‘ triple-digit interest levels as „solution charges,“ assisting the companies overcome state regulations designed to prohibit outlandish interest rates.

Under attack from disgruntled customers, unhappy state regulators and consumer advocates who compare these with loan sharks, payday loan providers are attempting to find a scenario legislation to guard their really profitable business in Florida.

They are promoting a bill that is proposed the Legislature which will turn their triple-digit interest rates into „service costs“ and restrict loans to 31 times without having any extensions.

Read morePay day loan providers seek out security in Tallahassee, solution costs.