Moneytree leads push to loosen state’s payday-lending legislation

Moneytree leads push to loosen state’s payday-lending legislation

Payday loan provider Moneytree is lobbying state lawmakers to rewrite Washington’s tough short-term financing guidelines.

Washington’s payday lenders have forfeit three-quarters of the business within the 5 years since a difficult new state law limiting the high-cost loans marketed to bad families took impact.

Now the industry, led by Seattle-based Moneytree, is lobbying state lawmakers to revamp regulations. Loan providers are supporting legislation to remove conventional payday that is two-week and change these with “installment loans” that could stretch payment out for approximately per year.

The proposition, modeled after a Colorado legislation, has drawn bipartisan help and has passed away committees both in chambers for the Legislature. Continue reading Moneytree leads push to loosen state’s payday-lending legislation