Online Petition Aims to Stop Payday Loan Legislation

Thousands sign petition at SaveMyPawnshop.com

A group of pawnshop owners, payday lenders, their customers and their employees have joined forces online to try to stop Senate Bill 500.  SaveMyPawnshop.com points out that the interest rate cap in SB 500 would not only drive payday lenders out of business, it would drive pawnshops out as well.

The online petition at SaveMyPawnshop.com right now has 3,687 signatures. Today alone, 90 people have signed online so far. The site says the petition has more than 10,000 signatures, including those from people who have signed but not on the web site.

More on the web site

SaveMyPawnshop.com has detailed information about SB 500, but it also warns that there are several pieces of legislation out there that will negatively affect payday lenders and pawnshops.

SB 500 is sponsored by Senator Dick Durbin. The web site’s organizers invite pawnshop and payday loan customers and advocates to e-mail Durbin, a Democrat from Illinois.

Outside source

A story from Huliq News says:

Millions of people rely on pawnshops to pay for unexpected hospital bills, car breakdowns, and other unforeseen expenses. If you talk to customers of a pawnshop, they will tell you that pawnbrokers are the only lenders willing to loan them money. ... click here to read the rest of the article titled "Online Petition Aims to Stop Payday Loan Legislation"