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Journal Gazette: Payday of Reckoning.High-interest loans yet become capped

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Journal Gazette: Payday of Reckoning.High-interest loans yet become capped

Payday of reckoning

The good news is the fact that the time and effort to produce brand new forms of high-interest loans that may entrap struggling Hoosier families seems to be dead, at the very least for the rest with this session for the legislature. The bad news is that, once again, lawmakers did absolutely nothing to expel or alter the current payday system, that allows loan providers to charge their clients roughly the same as 391per cent interest for short-term loans.

Consumer and veterans teams and religious and organizations that are social mobilized against Senate Bill 613, that has been co-authored by one northeast Indiana legislator, Sen. (more…)