Dear Congress: get rid of the rent-a-bank ruse

Posted on March 26, 2021March 26, 2021Categories avant loans payday loans  Leave a comment on Dear Congress: get rid of the rent-a-bank ruse

Dear Congress: get rid of the rent-a-bank ruse

The present push by payday lenders in an attempt to outflank state rules is but one explanation Congress has to work on a brand new proposition that will cap interest levels at 36%.

Contemporary payday lenders — providing the high-interest credit that happens to be called today’s loan sharking and that were only available in the 1990s — have found methods to circumvent state guidelines that prohibit or restrict exorbitant interest levels, sometimes rates outstripping 500%. Continue reading “Dear Congress: get rid of the rent-a-bank ruse”