That’s what this editorial says about the Washington state bill.  They call it a win for customers, too.

I wish reporters were more clear about the terms of these so-called payday loan “alternatives.”   From a story out of Seattle: 

Its short-term loans have 15 percent interest rates, but 5 percent of that goes into the client’s savings account upon repayment. The loans can be paid off in 90 days, rather than the two weeks required by many payday-loan stores. Payday loans, by contrast, have interest rates as high as 390 percent.

If it’s a 90 day loan and has monthly payments (not clear) than it’s an installment loan, not a payday loan alternative.

Yes, someone in Washington state gets it.  From the News Tribune:

Payday lending critics scored a win for borrowers this past legislative session by settling for less.

A bill signed last week by the governor accomplishes something that advocates for the poor had pushed for several years to no avail: a reduction in payday loans’ effective annual percentage rate.

The current rate is technically 390 percent, which sounds outrageous and would be if payday loans’ terms were longer. But on the typical two-week loan, the annual figure of 390 percent equates to a reasonable $15 charge for a $100 loan.

We don’t know if the bill is ultimately good for the industry, but we love that last quote.

Light bloggging rest of the day and weekend.   The Payday Pundit needs a rest.

I have nothing interesting or witty to say about this story:

The question of whether two lending companies can operate in Rock Hill is still pending before the Rock Hill Board of Aldermen.

“We are trying to solve the problem of predatory lending and alternative financial services,” City Administrator George Liyeos said. “Our city attorney is looking at this bill and it’s nowhere near finished form. “The board on Tuesday introduced a bill to regulate “certain lending businesses” in the city. Rock Hill ordinances currently state that two or more alternative lending institutions cannot operate within a mile of each other.

Different takes on the situation in Ohio.

Payday Lenders Survive New Law

Payday Lenders Close Offices in Ohio

Hey, let’s call the whole thing off!

Last post on this as well.  I’m bored with it.

Get involved.  Check out the Consumersrightscoalition.

Final post  on South Carolina.    For now.

S..C. amended and sent to the House a payday lending bill.  From the story:

The Senate vote for passage, 41-4, broke a four-month long General Assembly impasse.

Sen. Joel Lourie, D-Richland, a co-sponsor of the compromise amendment that broke impasse, said he expects the House of Representatives to accept the Senate version of the bill, without a need for further action.

If that happens, the bill would go downstairs for the governor to sign or veto.

The compromise raises the maximum payday loan amount to $550 from $350, and limits outstanding loans to one at a time by way of a database that will track borrowers.

We’re trying to learn if the House had time to pass it.  They were supposed to adjourn at 5:00.

Update:  The House then signed off on it 102-6.