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WHY HAWAII HAS PAYDAY LENDERS
Today’s payday advances occur due to nationwide efforts, mostly into the ’90s, to exempt these tiny, short-term money loans from state usury rules. A year; in most states it’s less than 25 % in Hawaii, the usury interest limit is 24 per cent. “When these loans first came to Hawaii along with other places, these were presented into the Legislature as something which had been open to individuals in a crisis, kind of a deal that is one-shot” states Stephen Levins, manager associated with state dept. of Commerce and customer Affairs workplace of customer security. “Unfortunately, many people whom simply just take these loans down, don’t take them away as an one-shot deal, they remove them repeatedly. (mehr …)