MiamiHerald / For critics of payday lenders, a bill in the Legislature that would result in bigger loans and higher fees is a gift to a predatory industry.
At a glance, they might be right. Floridians, mostly in poor neighborhoods, took out a staggering 7.7 million payday loans over 12 months in 2016 and 2017. And nearly a third of all customers took out at least 12 loans that year, a clear sign of the “debt trap” that lenders profit from, critics say.
But the bill is sailing through the Legislature with bipartisan support.