Word: payday
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Dates: during 2010-2019
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KENTUCKY: Payday loans capped...
...bigger obstacle for pawnshop owners is legislation. The three public pawnshop companies also make so-called payday loans: short-term loans, typically seven to 30 days in length, that are not backed by merchandise. The loans typically carry interest rates of 10% to 20% for a two-week term, which translates into an annual percentage rate exceeding 300%. Industry experts say the APR is just theoretical since payday loans are meant to be very short term, lasting only until the borrower's next paycheck. Even so, a number of states, like Ohio, are imposing caps on the rates...
...restrictions made it difficult for lenders to turn a profit, causing many to shut down their payday-loan programs in those states. "Payday lenders are lending unsecured money to individuals with no credit history and no credit score," says Elving. "So it's truly a situation where they have to price for risk...
Coffey estimates that payday loans account for 35% of Cash America's revenue, 22% of EZCorp's total revenue and only 10% to 12% of First Cash's revenue. First Cash recently sold all 22 of its payday outlets in California, Washington and Oregon to lower its exposure to payday-loan regulatory issues - a move Elving says should boost the company's valuation...