Witnesses Call for Payday Loan Lending Limits

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00017492-witnesses-call-for-payday-loan-lending-li/

By Bill Graves, The Oregonian

Church leaders and consumer advocates urged legislators Wednesday to crack down on Oregon’s booming payday lending industry, which charges soaring interests rates on short-term loans.

“Oregon’s public policy lends itself to permitting predatory lending practices and to consumers being charged usurious interest rates,” Robert J. Castagna, executive director for the Oregon Catholic Conference, said during a daylong hearing before an interim House subcommittee.

But payday lenders said they serve a need, charge less than banks collect for bounced checks and are sufficiently regulated by market competition.

For this complete story, please visit Witnesses Call for Lending Limits.