Cash Pay Advance

A smokeout is a process to bring a bill that has failed in committee to the House floor to be heard by all members of the House. The bill would cap interest rates at 36 percent for short-term payday loan companies. It was reported in committee that a $100 loan at 36 percent for two weeks would allow the payday loan site to make only $1. These were the reasons I opposed the bill, but in committee they also advised that automobile credit, agricultural credit companies along with four pages of other credit agencies would also be affected by the bill. Find Out More

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