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Payday Loans With Installment Payments

The industry reacted by producing an innovative new item: a loan that is 31-day. “That permitted them to have round the guidelines,” DeLaforgue states.

And so the coalition started pressing for brand new regulations. In 2005 then-governor Rod Blagojevich finalized the cash advance Reform Act, that has been sustained by both the Community Financial Services Association—a nationwide trade group for payday lenders—and the Egan coalition. It codified a number of the guidelines that were subverted, needing additional time between …
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