This is an ugly bill. They’re effectively going for 36%. Payday Pundit writes “…day ruiner.”
Category Archives: 36%
…they outnumber Starbucks and McDonald’s combined in the state…
There has been another siting of the infamous “they outnumber Starbucks and McDonald’s combined in the state.” Can someone remind me again, what their point is? I still can not figure it out. The article titled “Payday loan bill heads to committee” addresses HB1351 in Colorado. The bill is trying to cap rates at 36%.
Also posted in payday loans
Same story different state
Wisconsin is the latest state to propose a 36% cap on loans. Currently, Wisconsin does not cap rates. The average rate is about $20 per $100, roughly an APR of 521% for a 14 day period. A 36% cap is $1.38 per $100. You do the math. With all this being said, I think congressman […]
Also posted in Wisconsin
More 36% jabber
Unfortunately, the people in office don’t know what it’s like to need $500 yesterday. Payday loans may hurt people that use them incorrectly, just like anything else in life. If you drink too much water you can die. What solution do these legislators have for people in need of a car repair or a repo […]
Also posted in national
Tim Miller provides great example for payday loan pricing
In this open letter to the Hudson Hub Times, Tim Miller equates a payday loan to an annualized interest rate or APR to staying in a hotel room for one night compared to a 1-year lease. His point is that most people do not rent hotel rooms on a monthly or yearly basis, so quoting […]
Posted in 36%
Congress may try and regulate payday loans….out of business
The House of Representatives are putting together a bill that would effectively cap interest rates at 36%. The AP News reports that several shares of publicly held payday and pawn lenders stock price took a hit for a second straight day. Anecdotally, most of the stock market has been taking a hit, so this news […]
