Crushing Blow to Payday Loans
One state has taken the first step in squashing payday loans.
Ohio is waiting for the governor's signature on a bill that would slash payday lending interest rates from the current 391 percent to 28 percent. It also would limit borrowers to four loans per year, require that loan terms be at least 31 days, and ban internet payday lending.
Labels: Payday Loans
Posted By: Joe on Thursday, May 29, 2008
PermaLink | 2 comments | Click to Comment
Share this
2 Comments:
391%? Could this be a typo???!!
Nope - not at all... if anything it is low. Some of the places charge as much as 900% APR... but when it is only one week at a time, nobody thinks it is that much - but carry it out over a whole year, whoa!
Post a Comment
<< Home