The payday financing lobby contributed thousands and thousands of bucks to Tennessee lawmakers once the industry forced for a brand new kind of loan when you look at the state, NewsChannel 5 Investigates discovered.
The versatile Credit Act created flex loans and legalized their 279% apr. It sailed through the typical Assembly in 2014, moving unanimously into the continuing state Senate along with bipartisan help inside your home.
But our investigation found that few lawmakers questioned the brand new item or the high rate of interest. Continue reading