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Feds target predatory loan providers to business that is small but Pennsylvania continues to be a haven for the industry

Feds target predatory loan providers to business that is small but Pennsylvania continues to be a haven for the industry

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Last summer, Philadelphia attorney Shane Heskin told Congress that Pennsylvania has robust laws and regulations to avoid customers from being gouged on loans — but none business that is protecting.

“Consumers have actually laws and regulations protecting them from usurious rates of interest,” he said. “But for small enterprises, those protection legislation don’t apply at all.”

Heskin defends business people in court whom have fast cash from exactly what he argues are merchant that is deeply predatory advance” lenders. A Philadelphia lender of more than $600 million to small businesses nationwide although he and other industry critics have yet to gain traction among legislators in Harrisburg, warnings hit home when federal regulators brought a sweeping lawsuit against Par Funding. (more…)