Appleton payday loans - Rutland

Critics say the move will plunge poor people who become dependent on the short-term loans even deeper into a “debt cycle.”,Such loans are “seductive” to low-income workers facing unexpected expenses or who don’t have access to traditional banks and finance options, says Alice Vickers, attorney for the Florida Alliance for Consumer Protection, a consumer advocacy group.,“Consumers are rolling these loans over and over and over and ultimately end up paying way more for these loans than the original principal amount that they received,” Vickers told a House panel Wednesday. “Most [payday] borrowers in the state of Florida take out over seven loans per year. That’s not a way to run your financial budget within a family.”,Bills in the House and Senate would increase the cap on payday loans from $500 to $1,000 and allow lenders to give 60- to 90-day loans. Current law only allows 7 to 31 days for such loans. The bills would also al...