short-term loans

Short-Term Loans
6:02 pm
Wed March 27, 2013

Proposed Short Term Loan Stirs Heated Debate In Washington

Dan Iggers Flickr

Originally published on Wed March 27, 2013 5:28 pm

OLYMPIA, Wash. – One of the Northwest’s most visible payday lenders is back in the middle of a fight over short-term loans. Moneytree wants the Washington legislature to approve a new type of consumer loan.

This new loan would give short-term borrowers more money up front, but also more time to pay it off. Someone in a financial pinch could borrow up to $1,500 cash over 12 months.

In testimony before a panel of lawmakers, opponent Bruce Neas noted that all the fees and interest could add up to more than the amount of the original loan.

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