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
 

You may also like

Four Arrested In Church Vandalism

5/18/2015 1:47 PM

Three Sioux Falls residents face charges after allegedly breaking into a west central Minnesota church.

Full Story
Woman Says Man Drugged Her at Concert, Hopes Story Helps Others

5/19/2015 6:05 PM

It was supposed to be an unforgettable concert, but a woman says she cannot remember it because she believes someone drugged her.

Full Story | Watch
One Killed, Five Hurt In Crash Near Bowdle

5/18/2015 2:07 PM

A Colton man is dead and five other people are hurt following a crash on U.S. Highway 12 near Bowdle on Sunday.

Full Story
Takata Air Bag Recall Becomes Biggest Ever In US

5/20/2015 5:19 AM

Takata's decision to add more than 18 million air bags to existing recalls comes following pressure from U.S. safety regulators.

Full Story
Chicken Doesn’t Recognize Boy After Hair Cut

5/19/2015 12:22 PM

Video of a young boy getting a hug from a chicken is collecting a flock of fans.

Full Story


Events