Whenever state laws and regulations drive so-called “debt traps” to power down, the industry moves its online businesses. Do their customers that are low-income?
This year, Montana voters overwhelmingly authorized a 36 % price limit on payday advances. The industry — individuals whom operate the storefronts where borrowers are charged interest that is high on tiny loans — predicted a doomsday of shuttered stores and lost jobs. (more…)