Payday Loans Companies Get Billions of Fees in Unregulated States

Over half of the states in America allow cash advance payday loans with little or no restrictions.
These companies receive $2.6 billion in annual fees according to Center for Responsible Lending.

These loans receive criticism because of their exorbitant interest rates.
Center for Responsible Lending report indicated that 21 states including Washington, D.C., have limits or do not allow payday loans. Some of these states have a usury laws that caps the interest rate. Washington state, set regulations on short term loans in 2010.
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