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State regulations on payday lending


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State regulations on payday lending

By Laura Bruce • Bankrate.com

Payday loans are short-term, high-interest-rate loans for usually no more than $500. Many states have passed laws governing payday and small loans. This chart, compiled by Consumer Federation of America, details several important parameters including the minimum and maximum term, minimum and maximum loan amounts, maximum fee that can be charged, the cost of the loan per $100 to the consumer, and the effective annual percentage rate that the consumer would pay if the loan were taken out for a full year.

Terms of state payday and small loan laws for check-based loans

CLICK HERE TO SEE THE TABLE OF STATES:

http://www.bankrate.com/brm/news/debt/debtcreditguide/payday-chart1.asp?prodtype=bank

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The most I have ever paid for a small loan was 88 percent interest...

I had a couple of pay day loans years ago but it felt like I was working for them because every paycheck a big portion of my money went to them...

Not too many articles talk about sub-primes that are subsidiaries of respectable companies (that is, any bank name with the word FINANCIAL attached to it)... Wells Fargo Financial always charged me above 30 percent interest for all their loans...

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