Maine law allows payday lenders to charge recurring fees every two weeks for the duration of a loan, which can effectively increase the annual interest rate on a $250 loan from 30 percent to 261 percent over six months.

Authors

• Person: Not available Organization: Maine Center for Economic Policy
  Predatory Lending — An Explainer - MECEP

Sources

• Predatory Lending — An Explainer - MECEP www.mecep.org Maine Center for Economic Policy via serper

Referenced by nodes (2)

• payday lenders concept
• Maine location