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The Myth vs. The reality About Managing Payday Lenders

Whenever state laws and regulations drive alleged “debt traps” to turn off, the industry moves its online business. Do their customers that are low-income?

This year, Montana voters overwhelmingly authorized a 36 % price limit on pay day loans. The industry — the people whom run the storefronts where borrowers are charged high rates of interest on small loans — predicted a doomsday of shuttered stores and lost jobs. Just a little over a year later on, the 100 approximately stores that are payday towns spread over the state had been certainly gone, since had been the jobs. Continue reading