November 30

Lawmaker seeks interest restrictions on payday advances

Lawmaker seeks interest restrictions on payday advances

A Comanche County Georgia payday loans near me legislator really wants to yank the reins on exorbitant pay day loan rates of interest.

House Bill 2864 by Rep. Daniel Pae would impose a limitation on interest levels assessed on payday advances of $2,000 or less.

No loan, agreement or nationwide recognized bank card could be allowed to charge an yearly portion price (APR) more than 10% associated with Federal Reserve discount price, HB 2864 stipulates. Continue reading

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