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These types of developments usually are hassle free. In many cases, these lenders are licensed offshore, by North American Indian Tribes, in a state other than the one the loan applicant resides in, or may not be “licensed” at all. For customers who cannot pay back the loan when due, some states permit the loan to be renewed in exchange for paying the 15% fee. Ohio voters in late 2008 soundly rejected an industry ballot north american payday loan companies initiative to restore 390 percent annual rates.

In Georgia, payday lending is explicitly prohibited and a violation of racketeering laws. Welcome to a complicated new world of smart, well-funded entrepreneurs doing what smart capitalists have always done.

They do not have the credit for a traditional loan and do not have credit cards. The more accurately a lender can assess a borrower’s risk of default, the more accurately a lender can price a loan.

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