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Senator Collins’ Committee Examines Predatory “Payday” Loans Issued by Online Lenders

Senator Collins’ Committee Examines Predatory “Payday” Loans Issued by Online Lenders

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Maine Bureau of Credit Rating Protection Certified Testifies Prior To The Senate Aging Committee

WASHINGTON, DC—Even though Maine laws and regulations prohibit the kind of abusive, really high-interest, short-term lending techniques frequently linked with “payday” loans, this sort of unscrupulous financing still happens in Maine through Internet-based financing businesses, driving many consumers even further into debt. The Special Committee on Aging, of which Senator Collins may be the Ranking Member, examined problems associated to payday loans and deposit advance items within a hearing entitled, “Payday Loans: Short-Term Solution or Long Term Problem?