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

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

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

“In reality, i really believe that a number of the loans developed by this bill will be HIGHER PRICED than the current loan choices,” she penned.

Oklahoma’s legislation had one of many greatest possible interest that is annual among 10 comparable payday financing bills this season in seven states, an Oklahoma Watch review discovered.

Home Bill 1913 will have created “small” loans by having a month-to-month rate of interest of 17 per cent, which means 204 per cent yearly rate of interest. Continue reading “Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders”