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…