Category Archives: Online Installment Loans In Montana

Banning payday advances delivers hopeless borrowers running to pawn stores

6 Aug , 2020,
Beth Weissman
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Banning payday advances delivers hopeless borrowers running to pawn stores

Until 2008, a cash-strapped consumer in Ohio looking for a fast, two-week loan from a payday lender will dsicover on their own having to pay a hefty cost. These unsecured short-term loans—often guaranteed by having a post-dated check and seldom surpassing $500 at a go—carried yearly portion prices (APR) all the way to nearly 400%, a lot more than ten times the standard restriction allowed by usury rules.

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