The U.S. Bureau of Economic Analysis tracks personal savings rates for American households. It looked at what happened in Oregon after that state capped interest rates on short-term loans from the usual 400 percent to 150 percent, which meant a payday lender could no longer charge the industry average of roughly $15 per $100 borrowed; now they could charge only about $6. As an economist might predict, if the financial incentive to sell a product is severely curtailed, people will stop selling the product.
OBAMA: You take out a $500 loan at the rates that they're charging at these payday loans � some cases 450 percent interest � you wind up paying more than $1,000 in interest and fees on the $500 that you borrowed � You don't need to be a math genius to know that it's a pretty bad deal if you're borrowing $500 and you have to pay back $1,000 in interest.
Some Internet payday lenders try to evade state interest rate and consumer protection laws by getting licenses in states without meaningful restrictions, by operating without state licenses at all, or by setting up operations outside of the country and claiming that loans are made subject to the laws of the home country.
Most of the lenders in our network will not perform traditional credit checks on consumers, but those who do will typically use alternative means such as TeleTrack or DP. These methods will not impact your credit score in any way and simply tell the lender whether or not you are currently in bankruptcy or if you have any outstanding or default loans with other short term lenders.
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