Payday loans called “predatory” by group seeking reform
[Excerpts]
VOICE – Voices Organized in Civic Engagement – is a diverse group of political and religious leaders who are pushing for reform of the payday loan laws. . . .
Several of their group of presenters referred to payday loans as “predatory.” And one Republican representative said the loans “perpetuate poverty.”
Specifically, the group wants to lower the maximum allowed interest rate, create a unified database of loans and use that database to limit the number of payday loans anyone can take out in one year.
According to VOICE, those measures would not make Oklahoma overly strict or an outlier.