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Payday Lending is prohibited when you look at the Tri-state region: just how do Lenders remain in company?

Payday Lending is prohibited when you look at the Tri-state region: just how do Lenders remain in company?

Published 18, 2013 by Jeff Jenkins & filed under New Jersey Law december.

A pay day loan is a short-term loan which you borrow secured on the next paycheck. Lenders charge sky-high interest levels and framework the loans in order to make payment hard. It’s a predatory lending practice that takes advantageous asset of individuals whenever they’re running away from choices. It is unlawful in nyc, nj-new jersey, and Connecticut, but residents are nevertheless getting payday advances. Regardless of the legislation, payday financing is alive and well when you look at the tri-state area. […]

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