Payday lenders use loopholes to continue high-interest loans

“This legislation would go far in cracking down on many of the predatory practices by these lenders, and should a loophole be found, not all will go to the effort to exploit it,” said Matthew Covington, an organizer for Iowa Citizens for Community Improvement. “And then the legislature could see the true vicious nature of the worst of them, and act to close any loopholes that may exist.”