Sep-1st

Pay day loans gone, but dependence on quick cash stays

Pay day loans gone, but dependence on quick cash stays

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For fifteen years, Southern Dakota residents whom required an amount that is small of on the go could look to storefront loan providers whom made alleged payday advances at annual interest levels that may increase more than 500 %.

The industry thrived title loans in maryland, and payday financing organizations that made loans on a regular or month-to-month basis popped up by the dozens throughout the state.

However in belated 2016, after a hot campaign that highlighted just exactly how some borrowers got caught in a period of having to pay exorbitant interest and costs, Southern Dakota voters overwhelmingly approved a measure restricting the yearly rate of interest on short-term loans to 36 percent. Continue Reading »

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