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Washington payday loans

Payday lenders flee South Dakota after rate cap

Payday lenders flee South Dakota after rate cap

The click to investigate North is left by a customer American Title Loans agency off of E. 10th St. in Sioux Falls on Wed., Oct. 26, 2016. (Picture: Jay Pickthorn/Argus Leader) Purchase Photo

Almost 1 / 2 of their state’s licensed cash loan providers decided not to ever restore their licenses for 2017 or suggested they want to remain just very long sufficient to gather on current loans, relating to totals released to Argus Leader Media friday.

Significantly less than 2 months after voters authorized a pursuit price limit on payday lenders, 121 cash loan providers opted to leave the state, based on state cash loan provider permit totals for 2017. And another 75 told the Southern Dakota Division of Banking which they renewed their licenses which will make good on current loans before leaving.

In 2016, 440 lenders sent applications for licenses. Friday that number was down to 308, per the totals released. The licenses cover an extensive swath of loan providers including home loan corporations to development that is local to auto name loan providers.

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Washington payday loans

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