payday lending

John Bender / RIPR

A non-profit financial group has a plan to help more Rhode Islanders buy cars. State leaders say the service fills a much needed gap.

Before she got her new vehicle, Cranston resident Shirlie Martinez said she and her young daughter worried every day about her 19-year-old car.

“It would be nerve-racking in the morning to know, well, maybe my car won’t start, therefore I can’t go to work, and she can’t go to school.”

Cold enough for ya? We thought so. Give it time, and we'll be complaining about something else. Thanks for stopping by in the interim. As always, feel free to share your tips, thoughts, and to follow me on the twitters. Here we go.

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.

Pages