New Rules For Michigan Payday Lenders
In a bid to ensure that the industry doesn’t earn a bad name, a few payday lenders in Michigan have come forth to ensure that a set of state regulations came into effect. According to industry sources, a few payday lenders who were charging exorbitant rates ensured that the entire industry got a bad name. Mlive.com reports:
The legislation allows loans to have annual interest rates of up to 375 percent on a $250 loan, plus various fees. It also limits the number and amount of loans a consumer can take out and forbids threats of criminal prosecution against people who fail to pay.
Read more: New rules police ‘cash to go’ lenders