Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Crackdown On Payday Lenders Surprises Some


If you need cash in a hurry, you can easily find lenders -- online, or at offices in many Southern and Western states -- who are happy to give you $500 today, and collect it back, with hundreds of dollars in interest, from your next several paychecks.

That kind of payday lending is illegal in Pennsylvania and more than a dozen other states. Pennsylvania law effectively limits interest on loans under $25,000 to 24 percent a year.


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