Feds target predatory loan providers to business that is small but Pennsylvania continues to be a haven for the industry

Feds target predatory loan providers to business that is small but Pennsylvania continues to be a haven for the industry

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Final summer time, Philadelphia attorney Shane Heskin told Congress that Pennsylvania has robust regulations to avoid customers from being gouged on loans — but none protecting business people.

“Consumers have actually rules protecting them from usurious rates of interest,” he said. “But for small enterprises, those protection guidelines don’t apply at all.”

Heskin defends companies in court whom get fast funds from exactly exactly just exactly what he argues are merchant that is deeply predatory advance” lenders. Read More