Money Payday Loans - New rules for payday lenders - abc7news.com
SAN FRANCISCO — Under the city ordinance, no new payday lenders will be allowed to set up shop within a quarter of a mile of an existing one. The payday loan could be the good choice,” said California Check Cashing Stores President and CEO Richard Lake. The executive director of the California reinvestment coalition agrees that bank fees are too high, but says interest rates charged by payday lenders are out of control too. That law caps interest rates charged by payday lenders to members of the military and their dependants . The internet is where Danielle Lopez of San Francisco took out payday loans from six different companies with annual percentage rates ranging from 644 percent to nearly 1,100-percent. Learn more
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