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Editorial: ‘Payday loan’ interest should really be restricted

It does not seem like a interest that is high — 16.75 per cent appears pretty reasonable for an urgent situation loan. That’s the utmost rate that is allowable “payday loans” in Louisiana. It is about the exact same in many other states.

However these short-term loans, applied for by those who need more money between paychecks, often seniors on fixed incomes additionally the working bad, may cause chronic and almost hopeless indebtedness, relating to David Gray during the Louisiana Budget venture, a non-profit advocacy team. Continue reading