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

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

“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 business people in court whom have fast funds from exactly exactly just 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.

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