Dear Congress: get rid of the rent-a-bank ruse

The push that is current payday lenders in an attempt to outflank state guidelines is but one explanation Congress has to work on a brand new proposal that will cap rates of interest at 36%.

Contemporary payday lenders — providing the high-interest credit that happens to be called today’s loan sharking and that were only available in the 1990s — find techniques to circumvent state guidelines that prohibit or restrict exorbitant interest levels, sometimes rates outstripping 500%.

Payday loan provider contrivances simply take numerous types, but one specific unit merits attention as it’s distributing. Continue reading Dear Congress: get rid of the rent-a-bank ruse