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Payday-loan measure advances

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Payday-loan measure advances

Metro

OLYMPIA, Wash – As the special legislative session winds down, a controversial pay-day loans bill remains alive.

The Senate Rules Committee has advanced Senate Bill 5312, which would allow payday lenders to make a loan of up to $1,500 with effective interest rates that could exceed 200-percent.

Borrowers would have six to 18 months to repay the loans.

Current state law allows payday lenders to lend up to 700 dollars, which has to be repaid on the borrower’s next pay day.

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