As a consumer bankruptcy attorney; I’m very familiar with the damage that these high-interest loans can inflict on the public. Debtors, who fall for payday loans, often can never get out of these loans and they resort to taking out loans from other short-term lenders. Granted, if you are about to be evicted or need to pay for an emergency loan, a payday loan can be your only option.
But, Debtor’s who get take out these loans are often in a neverending cycle of robbing “Peter to pay Paul.”

Florida though has decided to relax the rules for short-term lenders: The bill would allow the businesses to make “installment” loans up to $1,000, with repayment over 60 to 90 days. Current law limits the high-interest loans to $500 for periods of seven to 31 days.

The bill would allow the businesses to make “installment” loans up to $1,000, with repayment over 60 to 90 days. Current law limits the high-interest loans to $500 for periods of seven to 31 days. Bill to let payday lenders make bigger loans heads to governor

The supporters of this bill claim it will help the poor who rely on these loans for basic living expenses.

Supporters say the proposal was prompted by potential changes in federal regulations that could affect the types of smaller-dollar, shorter-term loans made by payday lenders in Florida. Also, supporters contend that payday loans play a key role for many low-income people who don’t have access to other types of credit.
Bill to let payday lenders make bigger loans heads to governor

It is my opinion that this law will cause more people to file for bankruptcy as it will force hard working families into a never ending cycle of debt.  Time will tell though.