- SMS
Within the last few 5 years loan that is payday have actually drained $322 million out from the Indiana economy in costs and high interest levels, making huge profits from the backs for the bad, mostly impacting those inside our cities and predominantly folks of color, due to the Indiana legislature, which in 2002 carved a special deal for payday loan providers away from our unlawful loansharking laws and regulations.
in fact these are typically a trap that catches the borrower that is average a round of eight to 10 loans, borrowing and re-borrowing to escape the ever-growing debt due to astronomical interest levels and fees—now capped at 391%. This is simply not a “free-market” problem. That is usury of our many citizens that are vulnerable. Continue reading