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Posted by on Dec 19, 2020 in | 0 comments

Editorial: ‘Payday loan’ interest should really be restricted

It does not seem like a interest that is high — 16.75 % appears pretty reasonable for an emergency loan. That’s the most rate that is allowable “payday loans” in Louisiana. It is concerning the exact same in many other states.

However these short-term loans, applied for by individuals who require supplemental income between paychecks, often seniors on fixed incomes as well as the working bad, may lead to chronic and very nearly hopeless indebtedness, in accordance with David Gray in the Louisiana Budget venture, a advocacy group that is non-profit.

Finally, borrowers could wind

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