TIMES UNION LETTER TO THE EDITOR

Your editorial criticizing the Short-Term Financial Services Loan Act did nothing to advance the public debate on a critically important issue — the need for small-dollar credit in New York. ("No loan sharks welcome," May 2).

The bill keeps these unsecured, small-dollar loans within the state's statutory usury annual percentage rate of 25 percent. Even including fees commonly associated with similar loan products, the total cost is significantly below those of Internet payday loans. . . [READ MORE]