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Set limitations to 36% for pay day loans. These loans can be purchased as “a way to a short-term economic need.”

Set limitations to 36% for pay day loans. These loans can be purchased as “a way to a short-term economic need.”

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Within the last few five years cash advance Recommended Reading businesses have actually drained $322 million out from the Indiana economy in charges and high interest levels, making huge profits from the backs for the bad, mostly impacting those who work in our cities and predominantly individuals of color, as a result of the Indiana legislature, which in 2002 carved an unique deal for payday loan providers away from our unlawful loansharking legislation.

in fact these are typically a trap that catches the typical debtor in a round of eight to 10 loans, borrowing and re-borrowing to escape the ever-growing debt due to astronomical rates of interest and fees—now capped at 391%. Read the rest of this entry »

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