Manchester council has pledged to fight payday loan companies opening new stores on the city’s main streets. A motion to tackle the “scourge” of companies offering short-term loans with “punitive” interest rates received unanimous support from councilors on Wednesday. The bosses of the town hall will now take measures to …
Read More »Monthly Archives: July 2021
More states are putting interest rate caps on payday loans
By Annie Millerbernd | Nerdwallet Low-cost, short-term lenders, unencumbered by a maximum federal interest rate, can charge borrowers rates of 400% or more on their loans. But more and more states are reducing that number by setting ceiling rates to curb high-interest lending. Currently, 18 states and Washington, DC, have …
Read More »Do you really need an artistic advisor?
Recently, we were asked to advise one of our long-time clients on the advisability of purchasing an expensive piece of art. The question reminded me of the old joke about how to know when you’ve seen a good opera (answer: when someone tells you). We politely declined, but it sparked …
Read More »Are government interest rate caps an automatic gain for borrowers? Payday Loans Minnesota Illinois Chicago Email
Low-cost, short-term lenders, unencumbered by a maximum federal interest rate, can charge borrowers rates of 400% or more on their loans. But more and more states are reducing that number by setting ceiling rates to curb high-interest lending. Currently, 18 states and Washington, DC, have laws that limit short-term loan …
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