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Bill to Cap Payday Loan Interest Rates Passes

Washington Post - The D.C. Council voted 12 to 1 yesterday to approve legislation that would require payday loan stores to charge the same annual percentage rate as banks and credit unions, a limit that the payday lending industry says will put them out of business in ...

Source: http://search.msn.com:80/news/results.aspx?q=payday
 

A payday loan or paycheck advance is a small, short-term loan (typically up to $1,500 in the U.S.) that is intended to bridge the borrower's cash flow gap between paydays.