Categoría: Connecticut installment loans

Are state interest-rate caps a win that is automatic borrowers?

Small-dollar, short-term loan providers, unburdened with a federal interest that is maximum, may charge borrowers prices of 400% or higher for his or her loans.

But more states are bringing that quantity down by setting price caps to control high-interest financing. Currently, 18 states and Washington, D.C. , have actually laws that restrict short-term loan prices to 36% or reduced, based on the Center for Responsible Lending. Continue reading “Are state interest-rate caps a win that is automatic borrowers?”