payday lending

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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.

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.

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.

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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