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Class actions against payday loan providers reveal just how

Class actions against payday loan providers reveal just how

So just how has this choice really impacted consumers? A few situations in Florida involving lenders that are payday how devastating it is been.

In Florida, making that loan by having an interest that is annual above 45 % is recognized as “loan sharking,” and it is a criminal activity. This is certainly, unless the legislature passes a statutory legislation making an exclusion, which it did for payday advances in 2001.