Pay day loans gone, but significance of fast cash keeps

Pay day loans gone, but significance of fast cash keeps

For 15 years, Southern Dakota residents whom required a little sum of money in a rush could move to storefront loan providers who made alleged pay day loans at yearly rates of interest which could increase more than 500 per cent.

The industry thrived, and payday financing companies that made loans on a regular or monthly basis popped up by the dozens over the state.

However in belated 2016, after a hot campaign that highlighted just exactly exactly how some borrowers got caught in a period of having to pay exorbitant interest and costs, Southern Dakota voters overwhelmingly authorized a measure restricting the yearly rate of interest on short-term loans to 36 per cent. Continue reading “Pay day loans gone, but significance of fast cash keeps”