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Payday advances gone, but significance of fast cash stays

Payday advances gone, but significance of fast cash stays

For fifteen years, Southern Dakota residents whom required a tiny sum of money in a rush could move to storefront loan providers whom made so-called pay day loans at yearly interest levels which could rise more than 500 %.

The industry thrived, and payday financing companies that made loans on a regular or month-to-month basis popped up by the dozens throughout the state.

However in belated 2016, after a hot campaign that highlighted exactly how some borrowers got caught in a period of spending exorbitant interest and charges, Southern Dakota voters overwhelmingly authorized a measure restricting the yearly rate of interest on short-term loans to 36 percent. Læs videre Payday advances gone, but significance of fast cash stays