A Payday loan is one of the most expensive legal lines of credit that a person can procure. (an annual interest rate of 400 – 700%). Payday loans are small sums, short-term, high interest loans. They are targeted towards those individuals who need a small amount of cash for a short period of time.
Planed Legislation would limit borrowers to a maximum $600 loan in a 31-day period and let lenders charge service fees of 11 percent to 15 percent.
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