Whenever state laws and regulations drive alleged “debt traps” to power down, the industry moves its online business. Do their customers that are low-income?
This year, Montana voters overwhelmingly authorized a 36 per cent price limit on pay day loans. The industry — the people whom operate the storefronts where borrowers are charged high rates of interest on little loans — predicted a doomsday of shuttered stores and lost jobs. Just a little over a 12 months later on, the 100 or more payday shops in towns spread throughout the state had been indeed gone, because had been the jobs.Read More »The Myth vs. the reality About Managing Payday Lenders