Consumers Feel The Pain: Nationwide 36% APR Cap Theme Continues: Illinois and Nebraska Go Dark.
Consumers Feel The Pain: Nationwide 36% APR Cap Theme Continues: Illinois and Nebraska Go Dark. By: Jer Ayles Fellow small-dollar lenders, vendors, and MOST importantly the 50%+ of U.S. households who do not have access to $500 when the car breaks down, the utility bill is due, the kitchen is bare, the… well, you know […]
How to Start a Loan Business Online & Government to Dictate Consumer Lending
“The concern for the consumer and for the less affluent is well taken. But often it has been expressed in a form that has done the consumer more harm than good.”
“For fifty years the Russell Sage Foundation and others have demonstrated that setting too low ceilings on small loan interest rates will result in drying up legitimate funds to the poor who need it most and will send them into the hands of the illegal loan sharks.”
“History is replete with cases where loan sharks have lobbied in legislatures for unrealistic minimum rates, knowing that such meaningless ceilings would permit them to charge much higher rates.”