April 17, 2013

Our View: Bill provides a step to curb payday loans

California’s $3.3 billion payday lending industry preys on the poor and the financially unsophisticated. Attempts to rein it in have failed. California remains among the most permissive states when it comes to payday lending. Senate Bill 515 by state Sens. Jim Beall, D-San Jose, and Hannah-Beth Jackson, D-Santa Barbara, would offer minimal protections to prevent borrowers from being ensnared in a cycle of repeat borrowing at triple-digit interest rates.

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