On Monday we blogged about AB 377 (Mendoza), which will allow Californians to publish a check that is personal as much as $500 to secure an online payday loan, up notably through the present optimum of $300. Under this proposed change, a debtor whom writes a $500 check to a payday lender would obtain a $425 loan – which needs to be paid back in complete in only fourteen days approximately – and spend a $75 charge. That is a significant payday for payday loan providers.
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