Do You Use Payday Loans?

Wednesday, November 05, 2008

Voters have locked in a law that will provide many residents with a few less options for getting loans.

Voters approved Issue 5, a payday lending law that cuts the annual percentage rate that lenders can charge from 391 percent to 28 percent and limits the number of loans customers can take to four per year. These loans can also not amount to more than $500 per loan. Critics say the law is among the strictest in the country.

Are you a payday loan borrower? How will you be affected by this legislation? What will this new law mean for your finances?

Source: middletownjournal.com/