Debbie Moore Shares Sen. Adam Kline's Outrage at Moneytree's Lending Practices
Friday, April 30
In a press release issued this week, Sen. Adam Kline (D-Seattle) announced that he is exploring ways to ensure that Moneytree is not violating a law that prevents payday lenders from giving out more than eight loans a year.
They appear to be repackaging small loans into a single large loan so that they can skirt the law.
Debbie Moore, a home care worker from Yelm shared Kline's outrage and was quoted in the release.
“I was outraged to hear what Moneytree is doing. I know from personal experience that payday loan companies go after the most vulnerable people,” said Debbie Moore, a low-income home care worker from Yelm. “Moneytree is trying to make a profit by skirting the law and trapping people like me into a debt cycle. We worked hard to pass the law last year, and I think Moneytree should follow the law.”
Kline added, “I’m working with advocates, DFI and other legislators to determine what actions must be taken to ensure this practice does not reoccur,” Kline said.
Click here to read the full press release issued by Senator Kline