Congress Empowers Payday Criminal Thieves
Via America's Lawyer: Mike Papantonio and Attorney Dan Soloway talk about the Payday loan scam that is leaving Americans in massive debt. To learn more ...
Recycling Old Electronics May Be 13 Times More Profitable Than Traditional Gold Mining
Researchers from Bejing's Tsinghua University and Sydney's Macquarie University carried out a study, the outcomes of which are now printed in the journal ...
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In 2016, an average payday installment loan of $392 in the state lasted three months and cost $119 (129 percent annual percentage rate, or APR); nevertheless, payday lenders that operate profitably in Colorado charge borrowers in other states much higher prices. In Ohio, payday lenders will be allowed to charge slightly more than in Colorado for the shortest loans and slightly less for those stretching six months or longer, with APRs declining automatically as loan amounts increase.
C. Compliance With the CFPB's Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (Payday Loan Rule) On November 17, 2017, the CFPB passed its Payday Loan Rule, which, among other things, establishes consumer protections for certain credit products and deems certain practices to be abusive and unfair.
Nationally, the average usage rate for payday loans is 5.5 percent, but usage by state varies from 1 percent to 13 percent. Usage rates also vary by law type and are 6.6 percent in Permissive states, 6.3 percent in Hybrid states, and 2.9 percent in Restrictive states.
Possible Finance offers loans similar to payday lenders — but with crucial differences. Borrowers have more time to pay back the money and the repayments are reported to the credit agencies, which helps people rebuild their credit.
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