One loan provider has won significantly more than $1.4 million in legal actions since cash advance limit went into impact

One loan provider has won significantly more than $1.4 million in legal actions since cash advance limit went into impact

SIOUX FALLS, S.D. (KELO) South Dakotans are saving cash after having a voter authorized pay day loan limit in 2016, based on a new report from the middle for Responsible Lending.

A ripple impact of this pay day loan globe continues to be experienced in Southern Dakota as large number of legal actions have now been filed in only the previous few years against those who defaulted to their triple digit interest loans. We discovered more than $1.4 million worth of legal actions won against cash advance clients, all from only one loan provider. The CRL report is named “The Sky Doesn’t Fall. Life After Payday Lending In Southern Dakota.” The profit that is non discovers credit unions are seeing a rise in use for any other kinds of loans, including a “payday alternative loan” capped at 28% interest.

Read moreOne loan provider has won significantly more than $1.4 million in legal actions since cash advance limit went into impact