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The top earnings of payday loan providers are over

The top earnings of payday loan providers are over

Every year about twelve million Americans take out payday loans. It is a huge — and controversial — company.

The U.S. customer Financial security Bureau called these loans “debt traps” and proposed newer rules Thursday to suppress the business’s worst techniques.

Payday advances typically have interest levels of over 100% — far greater than the 15% to 30per cent annual rates of interest on credit debt. Continue reading The top earnings of payday loan providers are over