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 →