36% APR Cap Rate on South Dakota has Devastating Impact on Some So. Dakota Residents.
When will the regulators and folks who have access to cash in an emergency ever understand?
The few Americans who actually cast a vote, and the various state and federal regulators, must eventually comprehend that passing laws against poor people is not the method for solving this cash flow problem.
South Dakota voters didn’t understand the repercussions of the payday loan bill that was passed. Passage didn’t squelch the need for a temporary loan. It simply pushed the financially challenged into the hands of banks and credit unions who charge 1000%+ APR’s for NSF’s, out-of-state lenders and Native American Indian tribes.
Competition for borrowers, Fintech companies, and the daily onslaught of new financial products is the answer to meeting the challenge of making cheap money available to those who experience a sudden car repair, rent payment difficulty, sickness… – Jer Trihouse and yes I’m biased!