Clergy working to help desperate avoid borrowing trouble through payday loans
The rate cap is based on an existing federal cap for military and the FDIC's determination that any rate above 36 percent is predatory, she said. Payday loans are small, short-term loans that are secured by a borrower's personal check and must be paid …
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Letter: Cap payday loan rates
The federal and state governments have placed a 36 percent APR cap on short-term payday loans made to active members of the military, and efforts are under way to amend state law to require the same cap for the rest of us. …
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