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We don't have a revenue problem, we have a SPENDING problem
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here is a link to the laws state by state, it's regulated at the state level.
http://loans.org/payday/studies/state-laws Most states the limit is $500 and it clearly states the terms are from 10-30 days (covering a pay period) I don't get it, how is this worse then a credit card with 30% interest and $95 annual fee's that's the only option most people taking out payday loans would be allowed. Or a secured card? just to put some numbers down if this same person used a credit card with the 30% interest for the $500 and made the minimum payment they would pay $510 in interest before paying it off http://www.bankrate.com/calculators/mana...lator.aspx |
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