Pressure to Regulate Payday Lenders Mounts in Texas
RIO GRANDE VALLEY, Texas - The state Senate is considering a measure to constrain "payday lending" practices. Texas leads the nation in businesses that offer short-term, unsecured loans, typically to low-income borrowers trying to make ends meet until the next paycheck.
Lenders argue that the loans are risky and warrant high interest rates and fees. Critics call the loans "predatory" because borrowers often don't realize they have alternatives. (contd.)
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