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 could expand the payment duration when it comes to typical pay day loan, giving borrowers nearest checksmart loans more hours to repay their loan without accumulating exorbitant interest.

The move will efficiently slice the percentage that is annual from 456 % down seriously to a 220 percent APR, stated the bill’s sponsor Sen. Plus »

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