InDebted Explainer: Understanding short-term loans
You probably call all kinds of short-term loan product 'payday loans.' But short-term, small-dollar loans are a rich tapestry.
Source: southcarolinapublicradio.org
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A Kansas coalition pushes lawmakers to reform exploitative payday loans: 'It's an injustice' | KCUR 89.3
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.
Source: kcur.org
A Kansas coalition pushes lawmakers to reform exploitative payday loans: 'It's an injustice'
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.
Source: hppr.org
Payday lenders disappeared from Nebraska after interest rate capped at 36%
Nebraska's payday lenders have all shut down in the two years since voters capped the interest rate they could charge at 36%.
Source: fremonttribune.com
Louisiana governor vetoes bill to allow high-cost installment loans
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.”
Source: americanbanker.com