payday lending

Political Roundtable
4:00 am
Fri April 25, 2014

Bonus Q+A: Hodgson on 38 Studios, Guns, the General Assembly & More

State Senator Dawson Hodgson (R-North Kingstown), the Republican candidate for attorney general joins Bonus Q&A to discuss unanswered questions about 38 Studios, his challenge to AG Peter Kilmartin, his effort to impose stiffer sentences for illegally possessing a gun, and many other issues.

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Economy
9:16 am
Tue February 4, 2014

Efforts To Curb Payday Lending At The Statehouse Once Again

The issue of payday lending has come up many times in recent years at the general assembly.
Credit RIPR FILE

Legislation dealing with payday loans is once again working its way through the general assembly.

This is the latest of several attempts in recent years to curb payday lending in Rhode Island at the Statehouse.

The controversial practice offers quick loans, but they often come with interest rates that can soar to more than two-hundred fifty percent.

At the Statehouse, Representative Frank Ferri, and Senator Juan Pichardo announced they’ll introduce legislation capping payday loan interest rates at thirty six percent.

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RI News
9:17 am
Mon November 4, 2013

Woonsocket Non-Profit To Offer Pay-Day Loan Alternative

In Woonsocket Monday, a dedication ceremony will be held for a non-profit that helps people avoid the pitfalls of payday lenders. It's known as the “Capital Good Fund.”

Capital Good Fund is a brick and mortar store that offers people an alternative to high priced payday lenders.  Funded by a 57-thousand dollar grant from the United Way, it expects to help 600 people a year, according to founder and director Andy Posner.

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Politics
4:00 am
Tue May 28, 2013

For Third Year, Advocates Press Their Case Against Payday Lending

Margaux Morisseau says she's seen how payday loans trap vulnerable people in a cycle of debt.
Credit Ian Donnis / RIPR

Margaux Morisseau became a leader in the fight against payday lending after seeing its impact in the Constitution Hill neighborhood of Woonsocket. She works there as a community advocate for a nonprofit agency. This blue-collar neighborhood was once full of boarded up homes, and it has seen a comeback in recent years. But a payday lending shop moved in about three years ago and Morisseau says things have taken a turn for the worse.

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Politics
7:28 am
Thu May 16, 2013

House Finance Committee Holds Hearing on Payday Lending

General Treasurer Gina Raimondo testifies against payday loans at House Finance Committee hearing.
Credit Ian Donnis / RIPR

The outlook for cutting the interest rate charged by payday lenders remains unclear after the House Finance Committee Wednesday voted to hold two related bills for further study.  Supporters and opponents describe the issue in completely different ways.

A coalition of nonprofits, faith groups and others has been trying for three years to cut the interest rate charged by payday lenders. They point to how the typical annual interest rate is the equivalent of 260 percent. State Treasurer Gina Raimondo was among those calling payday lending a bad business for Rhode Island.

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Politics
8:33 am
Tue April 2, 2013

Payday Loans and Straight-Ticket Voting Under Scrutiny

Two state Senate committees will review contested legislation Tuesday.
Credit Kristin Gourlay

Two bills getting a lot of attention this legislative session will go under the microscope at committee hearings Tuesday. Lawmakers will be discussing legislation abolishing straight-ticket voting and restricting payday lenders.

Moderate Party founder Ken Block is leading an effort to do away with straight ticket voting, a practice also known as using the master lever. Block says the master lever sows confusion and gives an advantage to the ruling Democrats in the General Assembly.

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RI News
6:05 pm
Wed March 27, 2013

Rally Held for Changing Payday Lending in RI

Credit John Bender / RIPR

Supporters of Payday Lending Reform held a rally at the State House this afternoon.

The legislation would cap the annual interest rate of Payday Loans at 36 percent.  Similar legislation has come before the State House for the past three years only to be defeated.

Margaux Morisseau, the co-chair of the Rhode Island Payday Reform Coalition, believes this year is different.

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Politics
8:41 am
Wed March 27, 2013

Supporters Plan to Rally for Payday Loan Reform

The debate over payday lending is set to begin anew with a Statehouse rally Wednesday afternoon.  Efforts to reduce the annual interest charged by payday lenders have died on Smith Hill for the last two years.

The mayors of Warwick, Cranston, Central Falls and Woonsocket are expected to take part in the rally being staged by the Rhode Island Payday Lending Reform Coalition.

Pay day loans are capped at $500, and are supposed to be paid back within two weeks. The annual interest rate on those loans can amount to 260 percent.

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On Politics
4:09 pm
Fri February 1, 2013

TGIF: 10 things to know about RI politics + media

Welcome back to my Friday column. As always your tips and thoughts are weclome at idonnis (at) ripr (dot) org. Let's get to it.

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Politics
3:30 pm
Thu January 10, 2013

Pew report contradicts Speaker Fox's view on payday loans

A report by the Pew Charitable Trusts contradicts House Speaker Gordon Fox's view that clamping down on payday loans would push desperate borrowers to worse alternatives.

During an interview broadcast Thursday on RIPR, Fox called payday loans "a valid tool" for people without other places to turn for money.

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