Consumer Blog
Payday lenders going belly up in Oregon, thanks to new law
More on the subject of payday loans (which has received more comments from readers than any other on this blog, BTW): Bad news for these lenders in Oregon - the law changed this year to limit the annual interest rate to 36% APR. Since the law was signed by the governor, dozens of payday lenders have gone out of business.
Interesting, 36% is the same maximimum interest rate AG Nixon has called for in Missouri. Currently, the average payday loan in Missouri carries as APR of more than 400%.
Technorati Tags: APR, Oregon payday loan law, debt, payday loan, payday loan APR, payday loan complaints, payday loan law, payday loans, moagoconsumer, consumer protection
Posted by on July 23, 2007 11:32 am :: Comments (1) :: Permalink
1 Response to "Payday lenders going belly up in Oregon, thanks to new law"
says:
October 1, 2007 1:02 pm
OK, so I need a couple hundreds dollars to pay bills until my neXT check comes in. Where do I go for help?
The banks don't do small loans and even if they did I wouldn't qualify. CAN I COME TO YOU FOR HELP???? Will you front me the extra needed cash? Think aboout that before going after the only places that are available for people in my position.
