In the state of Montana, having a cap on payday loans and cash loans is something that people within the legislature are striving for at this time. Politicians are doing what they can to create new measurements that would place caps on the payday loan industry in the state and signatures are being collected in every city so that a recent measure, I-164, can be put on the next election ballot.
News sources report that to date, over 27,000 voter signatures have been collected by state politicians.
If I-164 is implemented, the interest rates on payday loans in the state will be cut to 36%, which is comparable to what credit card companies are charging their customers. The supporters of the measure believe that slashing the interest rate will strengthen the economy, but many remain skeptical.
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