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Pay Day Loans to get Higher Limits

February 13th, 2018 by Mike Vasilinda

Short term loans formally know as payday loans have a new name and could soon have higher borrowing limits. Now know as deferred presentment transactions, borrowers could soon get up to a thousand dollars for 90 days. The current limit is five hundred for thirty days. Dozens came to speak for the change before a legislative committee, arguing. Like Pastor Clethen Sutton of Tampa did, that the loans are the only way some people make ends meet.

“My members they use it if they come up short, and they can get one hundred dollars, a couple hundred dollars to pay what ever bill to keep from going into default, to ruin their credit. So I’ve seen it work” says Sutton.

The interest on the thousand dollar, 90 day loan, would come to Three hundred and forty-four dollars, but most loans are for fewer than 20 days. Current and proposed law would only allow borrowers to have one loan at a time.

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