Back to PAYDAYLOAN News ListD C Council Approves Payday Lending RestrictionsWJLA - The D.C. Council has passed a bill ending the usury law exemption for payday lenders. The 12-1 vote means payday lenders are allowed to charge a maximum of annual interest rate of 24 percent for the short-term loans. Previously, interest rates as ... Source:
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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. |