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Consumer Law

: Caveat Emptor

Payday lenders being replaced by credit unions

By Sam Glover

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Those who leap to the defense of payday lenders often shout “but there is nowhere else for poor consumers to turn!” Not in Washington, D.C., where payday loan rates were capped at 24% in January. Since payday lenders are able to charge much higher interest rates elsewhere (think well beyond 100% interest), they are leaving. Into [...]

Full post as published by Caveat Emptor on August 07, 2008 (boomark / email).

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