Payday loan providers preying on borrowers escape crackdown as guidelines rolled back

Payday loan providers preying on borrowers escape crackdown as guidelines rolled back

Interest levels reach almost 700% in a few states as debate over how exactly to control payday advances continues

In a few states, rates of interest on payday advances reached almost 700%. In Texas, borrowers paid on average 662%. In Nevada, that true quantity had been 652%, as well as in Kansas 391%. Photograph: Alamy

In a few states, interest levels on pay day loans reached almost 700%. In Texas, borrowers paid an average of 662%. In Nevada, that true quantity ended up being 652%, as well as in Kansas 391%. Photograph: Alamy

Final modified on Tue 26 Feb 2019 16.37 GMT