X hits on this document

96 views

0 shares

0 downloads

0 comments

22 / 28

STATE New Mexico

New York

North Carolina

North Dakota

Ohio

Oklahoma

Oregon

Pennsylvania

LOAN TYPE $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap $250, 2-week payday loan $300, 1-month auto-title loan $500, 6-month loan $1000, 1-year loan Criminal usury cap

APR*

GRADE

409

F

No cap

F

No cap

F

No cap

F

45

F

Prohibited

P

Prohibited

P

25

P

25

P

25

P

Prohibited

P

Prohibited

P

54

F

37

F

None

NA

520

F

Prohibited

P

28

P

25

P

10.8+

F

28

P

Prohibited

P

70

F

54

F

25+

F

396

F

Prohibited

P

46

F

30

P

45

F

Prohibited74

P

154

F

36

P

36

P

None

NA

Prohibited

P

Prohibited

P

26

P

22

P

36

P

74 Two-week payday loans are prohibited in Oregon; however, the APR for a $250, thirty-one-day payday loan (the minimum length permitted by law) is 154%, which merits a F.

  • *

    If the APR includes a plus sign (“+”), the grade is an F because the APR could be higher than the stated APR. This situation occurs

if the state permits exceptions to the criminal usury cap and one of the four loan products in the Scorecard has an APR that exceeds 36%. Several states permit lenders to pick one or two or more rate and/or fee alternatives when making smaller loans. Note that the Scorecard APRs are based upon the maximum permissible rates/fees regime.

18 5 Updated Small Dollar Loan Products

NATIONAL CONSUMER LAW CENTER

Document info
Document views96
Page views96
Page last viewedMon Dec 05 07:19:45 UTC 2016
Pages28
Paragraphs894
Words10522

Comments