Churches, charities asking Gov. Mary Fallin to veto payday loan bill


OW MORE MONEY AND TAKE LONGER TO PAY IT OFF. KOCO’S CRYSTAL PRICE WITH THE POTENTIALLY EXPENSIVE CATCH.>>WE JUST THINK THIS IS NOT ANYTHING THAT CAN MAKE OUR COMMUNIY A BETTER PLACE. CRYSTAL: FATHER TIM LUSCHEN OF ST. CHARLES BORROMEO CATHOLIC CHURCH SAYS HE’S SEEN TOO MANY FAMILIES GET TRAPPED IN PAYING OFF PAYDAY LOANS THEY CAN’T AFFORD. HOUSE BILL 1913 PROPOSES TO TRIPLE THE CAP FOR SMA PERSONAL LOANS TO $1500, WITH AN ANNUAL INTEREST RATE OF UP TO 204%.>>WE COULDN’T IMAGINE WHY WE WOULD WANT TO EXPAND THAT KIND OF LENDING. >>NO ONE DRAGS ANYONE IN TO PURCHASE THESE LOANS. CRYSTAL: BUT JONATHAN SMALL WITH THE OKLAHOMA COUNCIL ON PUBLIC AFFAIRS SAYS THIS BILL WILL HELP OKLAHOMANS GET THE EMERGENCY CASH THEY NEED. RIGHT NOW, THOSE SMALL LOANS MUST BE PAID BACK IN A MATTER OF WEEKS, BUT HE ARGUES THAT WITH THIS BILL, THEY’LL HAVE UP TO A YEAR TO PAY IT BACK.>>IT’S GOING TO RESTRUCTURE THE WAY THE LOAN WORKS SO THAT WAY IT OPERATES MORE LIKE A LONGER TERM LOAN. CRYSTAL: THE BILL HAS PASSED THE LEGISLATURE, AND ITS HEADED TO THE GOVERNOR’S OFFICE. MEANWHILE, CHURCHES AND

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