Loophole in Invoice Permits Payday Lenders to Cost 365% Curiosity Charges, Senate Committee Hears
The Division of Finance has confirmed the existence of a loophole in a invoice geared toward combating usury, permitting payday lenders to cost rates of interest of as much as 365 p.c yearly. “The annual proportion charge on $14 per $100 remains to be a really excessive charge, 300 p.c or extra,” Sen. Jim Quinn stated … [Read more…]