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Payday loans gone, but dependence on fast cash stays

For fifteen years, Southern Dakota residents whom required an amount that is small of on the go could move to storefront loan providers whom made so-called payday advances at annual interest levels that may increase more than 500 per cent.

The industry thrived, and payday financing companies that made loans on a regular or monthly basis popped up by the dozens throughout the state.

However in belated 2016, after a campaign that is heated highlighted how some borrowers got caught in a period of having to pay exorbitant interest and costs, South Dakota voters overwhelmingly authorized a measure restricting the yearly rate of interest on short-term loans to 36 %. 继续阅读Payday loans gone, but dependence on fast cash stays