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Congressional cash advance supply just like Jacksonville’s

Congressional cash advance supply just like Jacksonville’s

Congress passed a bill this week that may cap the interest payday loan providers may charge army families at 36 %.

The nationwide work bears a striking resemblance to regional attempts to control predatory financing, a training that places borrowers in an almost inescapable spiral of financial obligation.

“I think it is reasonable to state the tide is actually switching from the excessive interest levels plus the predatory financing methods that have happened in days gone by,” said City Council user Kevin Hyde, whom introduced first-of-its-kind legislation to cap local, short-term loan interest levels at 36 per cent a year ago. “Congress, in a few sense, validated that which we did.”

The bill Hyde introduced to City Council had been initially directed at army payday loan providers. Leer más

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