Oregon’s Legislature Fighting Against Usury & Payday Loans
The lawmakers in Oregon are working on legislation to end the current legality of certain types of loans having a 528 percent interest rate. Will they succeed against the lobbyists?
BlueOregon has a nice report on the battle going on in Oregon over the class of loans (payday, internet, car title) that via loopholes allow lenders, erm, loan sharks to charge up to 528% interest on a loan. Something which is clearly usurious.
Of course the “businessmen” making this outrageous amount of money off of today’s working class are fighting against the legislation. They have resorting to twisting perspectives to try and convince people the legislation will actually work against them, as if 528% interest were a fair rate. The worst tactic, however, is some lenders are actually refusing to make these loans to people unless they call the legislature to speak out against it.
The Oregonians would be wise to shake this out quickly. It’s clearly a negative influence not only on the state’s economy, but the well being of the citizens. Visit our page on usury laws in Oregon.