Monthly Archives: May 2021

As pandemic spreads, organizations offer alternatives to payday loan cycle – FOX13 News Memphis

MEMPHIS, Tenn. – Tens of millions of people continue to struggle as the pandemic spreads and many are among the millions of Americans who are turning to payday advances to try to make ends meet. They offer quick cash, but their easy access buries debtors in a cycle that some cannot escape. MORE: FOX13 investigates: MPD’s internal affairs investigations of ...

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36% payday loan rate caps may not fully protect consumers

Several states, including Illinois and Nebraska, recently implemented restrictions capping interest rates at 36% on consumer loans, including payday loans. Proponents claim these restrictions prevent consumers from gaining the upper hand with these traditionally expensive loans, but opponents argue that these types of laws will reduce access to credit by forcing lenders to close their doors with unsustainable rates, leaving ...

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