exactly How may be the rate of interest on a quick payday loan determined?

exactly How may be the rate of interest on a quick payday loan determined?

By: Michelle Kirby, Associate Analyst

You asked for an analysis regarding the appropriate limitations on payday loan providers who issue loans to Connecticut borrowers.

Pay day loans are small-dollar, short-term loans that borrowers vow to settle from their next pay check. The effective interest that is annual on pay day loans are particularly high. Continue reading exactly How may be the rate of interest on a quick payday loan determined?