In Des Moines, it has been reported that several consumer advocate groups decided to rally to urge state legislators to put a cap on interest added to payday loans.
The people involved in the rally urged congress to cap the interest rate at 36%. At this time, 36% is the maximum interest rate that lenders, banks and credit unions are allowed to charge consumers who obtain payday loans.
In the area, several consumers say that they count on payday loans to make ends meet, especially during tough economic times. They said that payday loans allow them to get the cash they need quickly and as long as they are responsible with the loans, they are able to avoid financial hardships.
One local payday loan store manager said, "On the short term we really do help a lot of people out."
Do you need a payday loan to make ends meet until your next paycheck? If so, apply online now to get the money you need fast.