Wednesday, April 21, 2010

Payday loan regulations in Wisconsin

The payday loan industry would be regulated for the first time in Wisconsin under a bill that passed the state Senate on Tuesday.

However, there still would be no limit on the interest that could be charged on the paycheck loans primarily given to the working poor.

Advocates for the poor, as well as a bipartisan group of state senators, pushed for a 36 percent annual rate cap as a way to stop people from being charged high interest rates and getting trapped in a cycle of debt.

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