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Effects of Payday Lending
In 2002, the Indiana General Assembly granted payday loan providers a carve-out from the stateвЂ™s interest caps and unlawful loansharking legislation, letting them charge as much as 391 % APR on little, short-term loans. a new report co-authored by the Indiana Institute for performing Families therefore the Indiana Assets & chance system, en titled Financial Drain: Payday Lenders Extract Millions from Hoosier Communities, reveals that predominantly out-of-state organizations used this exemption to drain over $300 million in finance fees from Hoosier households and communities within the last 5 years. County-level financial drain estimates are obtainable in Appendix 4.The report additionally shows: