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Rate Caps Kill Payday Loan Industry
16 April 2008
A California payday loan bill capping interest rates at 36 percent was gutted Tuesday by the state's
Banking and Finance Committee.
California Payday Loan Lenders currently charge 400 percent interest for a 14 day loan.
The Banking and Finance Committee was told by the Payday Loan Industry it could not survive with such
a low interest rate cap.
Payday Loans have a higher delinquency rate than regular loans. This creates a higher cost per loan when compared
to conventional financing.
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