OLYMPIA, Wash. – One of the Northwest’s most visible payday lenders is back in the middle of a fight over short-term loans. Moneytree wants the Washington legislature to approve a new type of consumer loan.
This new loan would give short-term borrowers more money up front, but also more time to pay it off. Someone in a financial pinch could borrow up to $1,500 cash over 12 months.
In testimony before a panel of lawmakers, opponent Bruce Neas noted that all the fees and interest could add up to more than the amount of the original loan.