Crackdown On Payday Lenders Surprises Some

Apr 22, 20160

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.