Predatory loans don’t belong here

On Wednesday, I helped chaperon my daughter’s 5th grade class to Olympia, where they could see first-hand the inner-workings of our state capital. I was not expecting a smoke-out-the-ears response from my visit to the Senate gallery, but as I emerged from the viewing I was beyond angry. All I can say is, shame on the Washington state Senators, the majority of whom are members the Republican caucus, for pushing through SB 5312. This bill authorizes “small consumer installment loans,” an innocuous way of bringing mafia-style money lending to the shores of Washington state and placing many Washingtonians head-on into financial ruin.

These specific types of pay-day loans specifically target the poor, under-employed and financially stressed citizens who cannot usually seek financial relief through typical lending institutions. Once ensnared in these loans, citizens often times find themselves in a quick downward spiral with no relief. These loans can, when all is said and done, leave you paying upwards to 150 percent interest.

I am saddened and shocked that our politicians believe that bringing such business practices to the state of Washington is a good thing. Instead of embracing these abusive and predatory loans, politicians should be seeking out ways to limit if not eliminate their availability. Clearly, if this is what we can expect to see out of Olympia, the citizens of this state should be afraid, very afraid.

Karen Hunter

Lynnwood