Politics of Payday Loans: Resources
Payday loans make up an essential part of the short-term credit industry, providing a crucial service to millions of hardworking consumers across the country. Even so, state legislatures continue to amend payday loan regulations. Here, you will find articles and helpful information about payday loan politics and news affecting the industry at large.
Payday Loans and the Military
In 2009, the Financial Industry Regulatory Authority (FINRA) reported 21% of all military members had used a form of nonbank borrowing, and that 7% had taken out a payday loan. When it comes to junior and enlisted noncommissioned officers, 32% used nonbank lending and 11% took out an overnight payday loan. On the other hand, about 24% of civilians used nonbank lending and only 9% took out a payday loan, according to Dailyfinance.com.
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Pawnshops Face New Rules for Short-Term Credit
A bill in congress aims at capping the APR rate at 36% on fees and interest charged by a lender. There are some people who think that the rates are often hidden and that they hurt individuals who can’t afford it.
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