installment loans

Politics & Government
8:04 am
Fri May 3, 2013

Senate Passes Bill That Would Raise Installment Loan Rates

Credit Dave DeWitt

State lawmakers in the Senate have tentatively passed a bill that would allow installment loan companies to charge customers higher interest rates and fees.

Republican Senator Rick Gunn is a sponsor of the bill. He says the lending industry hasn't had a rate increase for a long time, and that customers would also be held responsible under the measure.

"Customers need to understand their need to make their payments on time, and according to their contract," says Gunn.

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