Legislator wants to limit interest rate on high-cost payday loans
April 26, 2023
Alaskans who need cash quickly can go to a payday lender for a short-term loan of up to $500, handing over a check or access to their bank account to cover the entire loan repayment just as soon as they get paid at work or their pension arrives.
But it will cost them plenty for that fast cash, as much as 15% interest on the debt every two weeks.
A freshman Republican legislator from Anchorage wants to put an end to what he calls “these predatory loans.” Payday lenders “take advantage of the dire situations of individuals,” said Rep. Stanley Wright.
“A lot of folks fall into this t...
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