Q: any infomation about Payday loans behind ACE Cash Express ?
A: -Slate has an interesting article about why we prosecute loan sharks charging 150% APR, while payday loan companies get away with 400% and more. ...the industry has convinced legislators in 24 states to exempt their storefronts from the strict APR ceilings that govern banks and credit cards. Small, short-term loans, they've argued, help working families meet emergency costs, and thus deserve special consideration. Moved by this appeal - and, quite possibly, by the check cashers' sizable campaign contributions - lawmakers have made exceptions for the so-called "merchants of misery" - states created separate rate caps for payday loans that average 400 percent. Traditional street-corner loan sharks, alas, have not benefited from the deregulatory zeal. The sharks' dealings remain major felonies...even when they offer rates several hundred percentage points lower than the nearest ACE Cash Express, and they often provide better customer service. Unlike their legal counterparts, sharks negotiate rates, grant grace periods, and give "frequent borrower" discounts to loyal customers... - you can go http://www.aceconsumer.com/ for more infomation
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