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Feds target predatory loan providers to small company, but Pennsylvania stays a haven for the industry

Feds target predatory loan providers to small company, but Pennsylvania stays a haven for the industry

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Final summer time, Philadelphia attorney Shane Heskin told Congress that Pennsylvania has robust legislation to avoid customers from being gouged on loans — but none business that is protecting.

“Consumers have actually guidelines protecting them from usurious rates of interest,” he stated. “But for small enterprises, those protection guidelines don’t apply after all.”

Heskin defends companies in court whom have fast cash from just what he argues are deeply predatory “merchant cash advance” lenders.