No, but the Consumer Federation of America calls pay day loans
legal loan sharking.
It Is A Fee, Not Excessive Interest. Pay day loans are legal in
most states because they are charging you a fee, not an
excessive interest rate. Excessive interest rates are illegal in
most states.
Outrageous Credit. Pay day loans are an outrageous form of
credit. For example, let's say you write a personal check for
$115 to get $100 for up to 14 days. The $15 fee equates to a
391% annual percentage rate ...
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July 14th, 2010



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