Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders

Inside her veto message, Fallin composed that the balance, which reflects a push that is national the payday financing industry for comparable legislation, would produce a high-interest item without limiting use of other cash advance services and products.

“In reality, in my opinion that a few of the loans produced by this bill could be HIGHER PRICED than the present loan choices,” she penned.

Oklahoma’s legislation had one of many greatest possible yearly interest levels among 10 comparable payday financing bills in 2010 in seven states, an Oklahoma Watch review discovered.

Home Bill 1913 could have created “small” loans having a month-to-month rate of interest of 17 per cent, which means 204 per cent yearly rate of interest. A 12-month loan of $1,500 would keep borrowers owing about $2,100 as a whole interest if all payments had been made on time.

Expected for remark concerning the bill, work of one of its sponsors, Rep. Chris Kannady, R-Oklahoma City, referred all concerns to a vice that is senior at a large payday home loan company, Advance America. Continue reading “Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders”