Merkley says adieu to predatory lending shops

Jeff Merkley Says Adieu To Check Cashing Shops
Portland Mercury, Amy J. Ruiz

U.S. Senate candidate—and current Oregon House Speaker—Jeff Merkley was hanging around on SE Powell this afternoon, celebrating the demise of Oregon’s 13 Check Into Cash shops. There were balloons, there was sparkling cider, and there was a very happy Merkley:

“We’re celebrating the departure of Check Into Cash, which is checking out of Portland,” Merkley says. Because of a cap on interest that payday lenders can charge in Oregon—it’s 36 percent now, as opposed to the previous 300 to 500 percent annual interest, thanks to state legislation Merkley spearheaded—”they say they just can’t squeeze enough profit out of Oregonians,” Merkley says.

He’d like to cap payday lenders’ interest rate nationally, and add “tough new restrictions on loans sold over the internet,” if he makes it into the Senate.

Posted March 27, 2008
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