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Payday and auto title loans have cost Texas 2,000 permanent jobs and taken $1.6 billion a year from mostly low-income people who would have otherwise spent the money on goods and services.
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The short-term loans are available immediately and are simple to get. But interest rates are typically very high — with an APR of up to 391% in Kansas and 371% in Missouri. Critics say payday lenders are profiting from people in need, and trap them in debt.
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Federal regulators issue a new rule that removes a key provision crafted during the Obama administration. Lenders no longer have to check that borrowers can repay a loan.
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Maria Galvan used to make about $25,000 a year. She didn’t qualify for welfare, but she still had trouble meeting her basic needs. “I would just be...
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Proposition 111 capped the interest payday lenders can charge at 36 percent. The average rate on loans used to be 129 percent.