User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


45° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

KELOLAND.com | Sioux Falls News & Weather, South Dakota News & Weather, Minnesota and Iowa News

[0] My Saved Articles
Find local businesses
on the KELO Pages!

 

Clearing Up Payday Loan Legislation

February 21, 2007, 5:00 PM by Katie Janssen

Clearing Up Payday Loan Legislation
Wednesday, lawmakers in Pierre tried to clear up some confusion over a law that puts restrictions on payday loan shops. 

Legislators thought they had limited the amount of money people can borrow, but a technicality is allowing some to skirt the law. 

The bright signs say you can get cash fast... but credit counselors warn the fees and interest you'll pay loan companies will only hurt your finances. 

Lawmakers passed a bill a couple years ago, saying one person could only borrow $500 at a time, from any one company. But an audit showed people were getting several $500 loans at the same time, from the same loan shops. 

Businesses said they thought the limit was only on the amount... and not on how many loans they could give out. 

Counselors say clearing up the language would keep people from owing too much money at once. They also say if you're using payday loans to manage your finances, you're probably in worse trouble than you think. 

Click here for resources that can help.

Previous Story

Next Story


Sponsored
Find Local Businesses on KELO Pages!

You may also like

ISIS 'Kill List' Said To Include Target In Rapid City

3/24/2015 2:30 PM

CBS News confirms ISIS has a target in South Dakota.

Full Story
Family: Crow Creek BIA Superintendent Stabbed At His Office

3/25/2015 4:36 PM

An investigation is underway into the stabbing of the Crow Creek BIA Superintendent.

Full Story
Empire Mall Burger King Closes

3/22/2015 2:30 PM

The Burger King inside The Empire Mall in Sioux Falls is closing Sunday, March 22.

Full Story
Four Arrested On Drug Charges, Accused Of Making Hashish Oil

3/23/2015 1:32 PM

Four people are accused of making drugs just a block away from from the Clay County sheriff's office.

Full Story
Huron Man Dies In Rollover Crash

3/22/2015 11:42 AM

A Huron man was killed Saturday morning in a rollover crash at the intersection of 216th Street and SD Highway 45 in Hand County, near Miller.

Full Story


Events