SIOUX FALLS, S.D. (KELO) — Here’s a look at your top stories on this Monday afternoon.
This stretch of road used to be filled with payday lending storefronts, but a voter-approved 36% payday loan cap slowed the industry. Except, we’re learning it didn’t.
Fast cash is still a growing industry and thanks to a proposed federal rule, it could be here to stay. KELOLAND News discovered you can still get approved for a loan with an interest rate 124% higher than the voter-approved cap.
Now, a proposed federal rule could solidify that loophole. The Federal Deposit Insurance Corporation, an independent government agency, is looking to change the way banks handle loans.
