Iowa lenders that are payday: brand New rules are arriving

This 2014 file picture shows the indication for Easy Cash Systems therefore the store that is neighboring EZ Pawn, on First Avenue in Cedar Rapids. (picture: Inma Mateos/IowaWatch)

This past year, Iowa’s payday lenders given significantly more than $220 million in short-term loans — asking a typical interest that is annual of greater than 260 %.

Experts complain that people sky-high interest levels are proof of Iowa’s lax financing laws and regulations, and that state legislators have regularly derailed efforts to cap prices which help borrowers. Read more…