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Senators Introduce Bill to Crack Down on Online Payday Loans

Washington, DC – Today, Oregon’s Senator Jeff Merkley, Senator Tom Udall (D-NM), title loans with bad credit Tennessee Senator Dick Durbin (D-IL) and Senator Richard Blumenthal (D-CT) introduced the Stopping Abuse and Fraud in Electronic (SECURE) Lending Act. The SECURE Lending Act would break down regarding the worst methods associated with the online lending that is payday and provide states more capacity to protect customers from predatory loans.

“We tossed the payday lenders, who victimize families if they’re at their many vulnerable, away from Oregon back 2007,” stated Merkley. “Technology has brought a lot of these frauds online, and it’s really time for you break straight straight down. Continue reading