Bob Plain is the editor/publisher of Rhode Island's Future. Previously, he's worked as a reporter for several different news organizations both in Rhode Island and across the country.

2 responses to “Raimondo, Taveras Support Payday Lending Reform”

  1. rmoreira

    At 36% it makes no sense for any of these to stay operating in RI. Close the doors it doesn’t matter people will be smoking less crack because they won’t have access to cash.

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  2. DanielSmith

    Most states have usury laws that limit the interest that can be charged, usually somewhere between 6 and 12 percent. However, in the 1980’s special exemption was made for banks, loan companies and other entities due to inflationary conditions. There are more choices here than charging no interest and charging exorbitant rates that are virtually impossible to pay back. A reasonable rate of return on a loan doesn’t drown the borrower in permanent indebtedness. In fact, the problem is people don’t read the loan agreement prior to signing it. Thus, the major advice is to learn more info about the services you apply for.

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