The exemption had been planned to sunset in July 2010, of which time payday loan providers would simply be in a position to charge a 36 % APR.

The exemption had been planned to sunset in July 2010, of which time payday loan providers would simply be in a position to charge a 36 % APR.

Table1. Prices on pay day loans and Regulations to manage Payday Lending

State Interest Rate+ reputation of Meaningful Legislation to manage Payday Lending
Arizona 36 percent* Has eradicated the Payday Debt Trap Through APR Limits
California 426 per cent No significant legislation of Payday Lending
Colorado 214 per cent Has Implemented Reforms that Limit but Do perhaps not get rid of the Payday Lending Debt Trap
Nevada 521 % No significant legislation of Payday Lending
brand brand New Mexico 564 % No significant legislation of Payday Lending
Texas 417 % No significant legislation of Payday Lending
Utah 443 % No significant legislation of Payday Lending

+ Source: Center for Responsible Lending

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