The District Needs Payday Loan Reform, Not a Ban - Washington Post- About: Cash Before Payday
Payday loans are two-week loans, not annual loans, and applying an annual rate just doesn’t work for short-term credit products. We know our customers use payday loans to avoid bouncing checks, as overdraft protection, and to cover late fees on credit card and utility bills. These regulations include a maximum advance amount of $1,000 (including the fee), a maximum fee charged for the loan ($16. Helping customers avoid getting caught in a “cycle of debt” by allowing only one rollover and offering an extended payment plan, at no cost, to any customer who cannot pay back the loan when it is due. Council to codify these reforms into law to ensure that all payday loan stores in the District abide by the same regulations. Learn more
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