ProPublica logo design Exactly How One State Succeeded in Restricting Pay Day Loans

Washington State passed a loan that is payday bill that simply limits the sheer number of loans an individual can consume a 12 months. Here’s exactly just what took place.

Aug. 6, 2013, 9 a.m. EDT

Series: Debt Inc.

Lending and Collecting in the usa

A form of this story was co-published aided by the St. Louis Post-Dispatch.

Last year, customer advocates in Washington State chose to here is another brand new approach to regulating pay day loans. Like reformers in other states, they’d tried to obtain the legislature to ban loans that are high-cost — but had struck a solid brick wall surface.

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