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Payday Loan News in March 2009
The payday loans, charging annualized interest of up to almost 400 percent a year, would be illegal after June 2010 without new legislation. The state's small-loan regulations allow interest of up to 36 percent, but the payday loan organizations said that is too low to allow them to make a profit. The Ohio based payday lender, Check n’ Go, is no longer loaning money to customers in the commonwealth, at least for the time being. A company spokesman said Tuesday morning Check n’ Go is “re-examining the status” of its stores in Virginia. In light of the state’s $8 billion budget shortfall, the hostilities of political combat are set to commence with Gregoire triangulated between special interests calling for higher taxes and taxpayers demanding the opposite. The recession isn’t causing an explosion in demand for payday loans, those in the industry say. One of the reasons is that a person has to have a job or a form of income to secure a payday loan. The short-term loans usually amount to a couple of hundred dollars. THE CAP on what lenders can charge for a payday loan is much higher in Nova Scotia than in three other provinces that have also set maximum rates. The Nova Scotia review board said it decided to let competition in the marketplace keep payday loan prices in check. The rate will be reviewed in two years. A Senate Committee has approved a bill that would provide a powerful incentive to make sure all payday lenders offering loans to Idaho residents are licensed. The bill would invalidate any loan provided by an unlicensed payday lender. Below are the monthly archives: |
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