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High-Interest Pay Day Loans Called Predatory, But Regulations Die In Iowa Legislature

High-Interest Pay Day Loans Called Predatory, But Regulations Die In Iowa Legislature

By Lauren Mills | August 9, 2014

Easy Cash possibilities, on First Avenue in Cedar Rapids, is pictured on February 26

Simple Cash Options, situated on first Avenue in Cedar Rapids pictured on 26 february.

Brian Curtis took away their payday that is first loan he had been 19. It took significantly more than 10 years under it and the climbing interest payments that followed before he got out from.

“It’s a trap, ” he stated.

Curtis, 37, and surviving in Davenport, stated he previously approximately $5,000 in pay day loan financial obligation after taking right out loans for the $1,500 vehicle fix while surviving in Florida, then once more as he relocated to Missouri and required a deposit for a flat.

Include compared to that a lot more than $22,000 in interest that accrued in which he said a bill was faced by him topping $27,000.