 Posted: Thu Feb 22, 2007 10:23 am Subject: News from Tennessee regarding payday loans |
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At least 12 states prohibit triple-digit rates on payday loans, a cap that effectively bans payday lending, according to the Consumer Federation of America. Dozens of other states also are considering legislation to crack down on payday lenders.
Last year, Congress imposed a 36 percent annual percentage rate cap on payday loans to military service members after reports showed thousands of troops in debt to payday lenders, many of which are clustered outside bases.
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taki2u
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