Nearly a decade after our state banned payday lending, lawmakers want to bring it back and legalize the short term, high cost loans.
Supporters say the loans are typically repaid with the borrower's upcoming paycheck. They believe it's a reasonable trade off that can be a government regulated option for those in need.
Consumer experts argue the fees on the loans trap borrowers in a continuous cycle of debt.
Leaders from both parties are reconsidering allowing payday lending in our state. This year, payday advocates have hired 10 lobbyists to push the efforts.
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