| Democrat supports bill for Brooklyn payday loans
|A Democratic representative from New York is showing his support for two bills that aim to lift the cap on an existing law which restricts interest rates to 25 percent on loans.
The Assemblyman from New York as well as several other political figures are showing their support for the bill which some say will pave the way to allow payday lending in Brooklyn.
Payday loans are small, short terms loans that many people use to help their finances between paychecks, especially when those paychecks are a week, even two away, and emergency costs put a chokehold on their bank accounts.
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