Senate approves extension to pay day loan payment durations
Those looking to reform the payday lending industry reduced a win Thursday as soon as the Senate passed a hotly debated bill that would expand the payment duration when it comes to typical cash advance, giving borrowers additional time to settle their loan without accumulating exorbitant interest.
The move will efficiently slice the percentage that is annual from 456 % right down to a 220 % APR, stated the bill’s sponsor Sen. Read More →