Payday loans

Payday Lending
3:35 pm
Wed February 2, 2011

Internet lending worries spur move to end payday loan limits

Under a law that went into effect last year, brick-and-mortar payday lenders are highly regulated in Washington state. There's concern the law may be driving low-income borrowers to the "wild west" of the Internet, where fees are even higher.
Photo by taberandrew Flickr

A state law that went into effect early last year limited the number of payday loans borrowers could get per year to eight. It aims to protect people from falling into an endless spiral of debt.

But a Tacoma legislator, who originally backed the law, says it's driving people into the clutches of far worse lenders, on the Internet. 

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Payday Loans
6:45 pm
Fri January 21, 2011

Payday lenders finding ways around Washington's new law

A law that went into effect at the start of last year puts new limits on payday lenders.  It created a registry of borrowers and restricts them from taking out more than eight of the high-interest loans in a year. 

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