Iowa payday financial institutions beware: brand new principles are arriving

Iowa payday financial institutions beware: brand new principles are arriving

A year ago, Iowa’s payday loan providers issued a lot more than $220 million in temporary financial products — asking a standard annual interest rate of more than 260 %.

Naysayers grumble that those sky-high rates of interest were proof Iowa’s lax loaning laws and regulations, and therefore state legislators have got regularly derailed campaigns to cap costs that assist applicants. Continue reading “Iowa payday financial institutions beware: brand new principles are arriving”