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I didn't know there had been regulations. It sounds like there might still be some in place but maybe they aren't adequate enough or as enforceable (or politically chosen not to enforce):

https://en.wikipedia.org/wiki/Usury#United_States

In the following country analysis, I was surprised to see Canada set a limit of 60%/yr, which seems incredibly high. Japan seems to have a decent policy.




Well, as it says, there's no national law. However, the law followed is not the law where the borrower resides, but the law where the lender is headquartered. Which is why so many of the payday lenders are headquartered in New Jersey and South Dakota; those states were willing to gut their consumer protection laws in order to lure jobs.


It just seems that there other better jobs, at least in New Jersey. I would rather work on a fracking site in SD than sell my soul but to each their own I guess.


Me too, but there are some incredibly shitty people out there.




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