It is simply the cap when he introduced the legislation two years ago, Rep. Zuber stressed several times that the lenders are not required to charge a monthly interest rate of 25 percent вЂ” that. He proposed market competition will drive straight down those rates.
A minumum of one shop in WilliamsвЂ™ neighborhood charges the maximum.
The installment loan comes with legal recourse for the lender unlike title loans. (more…)