To try to protect consumers, Wisconsin lawmakers have come up with a bill capping interest rates to 36% on payday loans (currently the interest rate can be as high as 525% APR). They’re trying to stop the increase in these types of loans but the opposition says that lowering interest could cause these types of businesses to go out of business.
Payday loans or short term loans, usually only for a few hundred dollars that allow people to get emergency cash to help make ends meet. The interest if often high and critics say that these types of loans often trap the lower income people that use them.
Wisconsin is the only state that does not have an interest rate cap on these short term loans.
Paycheck loans can help people in need of quick cash and can help them avoid bank fees or bad marks on their credit. The interest is higher but that interest charge helps keep these kinds of companies running to make this cash available.
Find out more about paycheck advances and learn how to get a payday loan at Paycheck-Advance-Cash-Loans.com.
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