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On Thursday, Florida faith leaders pressed forth a message that is single payday financing expansion bills presently

On Thursday, Florida faith leaders pressed forth a message that is single payday financing expansion bills presently

in mind in Tallahassee (HB 857 and SB 920) are usury and really should be stopped.

Both bills look for to authorize interest that is annual of as much as 208 per cent, via compounding interest, for bigger loans in accordance with longer terms compared to the payday advances currently permitted under Florida legislation.

Rev. Rachel Gunter Shapard for the Cooperative Baptist Fellowship of Florida, noted that faith leaders are “deeply worried” about the bills that could “trap individuals with debt.”

Shapard advocated for the 30 interest that is percent limit, stating that financing “traps people … in a period of never-ending debt,” and questioning why lawmakers are privileging the concerns of loan providers over people.

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