Kentucky Gov. calling for a 36% rate cap

Kentucky currently has 743 payday loan stores. Kentucky Gov. Steve Beshear wants legislators to cap the rates at 36%.

Kentucky current loan terms are:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)

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