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

In her veto message, Fallin published that the bill, which reflects a push that is national the payday financing industry for comparable legislation, would develop a high-interest product without limiting use of other cash advance items.

“In reality, I think that a few of the loans produced by this bill could be MORE COSTLY than the loan that is current,” she penned.

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

Home Bill 1913 could have created “small” loans by having a month-to-month rate of interest of 17 percent, which means 204 % interest rate that is annual. A loan that is 12-month of1,500 would keep borrowers owing about $2,100 as a whole interest if all re re payments were made on time. 继续阅读Fallin Vetoes High-Interest Loan Bill Pushed by National Payday Lenders