Senate approves extension to pay day loan payment durations

Senate approves extension to pay day loan payment durations

Those looking to reform the payday lending industry discounted a win Thursday once the Senate passed a hotly debated bill that will extend the payment duration for the typical pay day loan, giving borrowers more hours to settle their loan without accumulating interest that is excessive.

The move will effortlessly slice the percentage that is annual from 456 per cent down seriously to a 220 % APR, stated the bill’s sponsor Sen. 阅读更多

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