NH Payday Loan News
Date: Fri, 10/19/2007 - 08:12
This article is wrong about Oregon though. The 36% cap did not
This article is wrong about Oregon though. The 36% cap did not kill off payday loans. There are still quite a few that have survived here. The reason for that is Oregon still allows an origination fee of $10 per $100. It can only be charged when the loan is taken out. So if the company just doesn't allow rollovers, they can change that $10 per $100 everytime.
Too bad it is not making PDLs completely illegal in NH. But hope
Too bad it is not making PDLs completely illegal in NH. But hopefully this will pass and will help NH residents.
[quote] October 19, 2007 No Loan Cap for New Hampshire A
[quote]
October 19, 2007
No Loan Cap for New Hampshire
A specifically-devoted subcommittee of the state House voted Thursday to kill a proposed cap on cash advance lending. The controversial bill would have imposed a thirty-six percent interest rate cap on all payday loans and vehicle title loans issued within New Hampshire, a move that almost certainly would have made the much argued-over personal loans an extinct species. The subcommittee expressed the belief that the proposed cap was much too low, obviously mindful of what its impact would have been on the thriving fast cash loan industry (in a word: catastrophic). In lieu of the interest rate cap, the House subcommittee plans to push for a fixed finance charge for all payday loans.
Of course, the state????????s many cash advance lenders, which do business in storefront customer center locations peppered throughout lower-income neighborhoods, as well as on the World Wide Web via faxless payday loan websites, are heaving a collective sigh of relief. The proposed fast cash loan interest rate cap would have cut fees on the short-term, small-denominational personal loans, which currently average about twenty dollars per one hundred dollars borrowed statewide, to an untenable amount of just under two dollars per hundred. The House subcommittee is recommending a flat cap of fifteen dollars per one hundred borrowed over a two-week period, the normal length of a cash advance.
Payday loan critics, who shake their heads over the perceived debt trap that cash advance lending represents, are not happy with the proposition. A fifteen-dollar finance charge actually represents over three hundred percent interest on an annualized basis, an amount that they declare is tantamount to usury. [/quote]
It really sucks that the bill didn't pass. I'm sure with the bi
It really sucks that the bill didn't pass. I'm sure with the billions of dollars those illegal idiots have made..there have been some nice contributions made to keep that bill from passing.
