Ed Dalessio News Today

You probably call all kinds of short-term loan product 'payday loans.' But short-term, small-dollar loans are a rich tapestry.

The short-term loans are available immediately and are simple to get. But interest rates are typically very high — with an APR of up to 391% in Kansas and 371% in Missouri. Critics say payday lenders are profiting from people in need, and trap them in debt.

The short-term loans are available immediately and are simple to get. But interest rates are typically very high — with an APR of up to 391% in Kansas and 371% in Missouri. Critics say payday lenders are profiting from people in need, and trap them in debt.

Nebraskas payday lenders have all shut down in the two years since voters capped the interest rate they could charge at 36%.

The legislation blocked by John Bel Edwards, a Democrat, would have allowed consumer loans of up to $1,500 with triple-digit interest rates. Edwards wrote that the measure does not protect the public from “predatory lending practices.”

Social justice law firm and Laurel, Mississippi – site of Home Town HGTV series – are fighting payday lenders high fees, triple-digit interest.

‘Statistical significance on steroids’ shows payday borrowers mostly lived in majority-Black ZIP codes.

"Statistical significance on steroids" shows payday borrowers mostly lived in majority-Black ZIP codes.

A new state law effectively bans the deposit of state public assistance funds into certain accounts that charge the fees. Supporters say it prevents companies from exploiting a loophole in existing prepaid card rules, while firms that will likely be affected say it limits options for underserved consumers.