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From Mortgages to Payday Loans, How Trump Will Impact Consumer Lending

Thursday, November 10, 2016
Annamaria Andriotis | The New York Times
Michael Calhoun

South Dakota residents who voted for Trump also overwhelmingly voted in favor of a state measure that caps interest rates on payday loans at 36%; around three-quarters of voters backed the measure. Payday lenders in the state have been able to charge triple-digit interest rates under current law. Voters also rejected a competing measure pushed by the payday industry that would have allowed lenders to charge any interest rate they wanted. That made South Dakota the fourth state in which residents voted to place rate caps on payday loans since 2008, said Mike Calhoun, president of the Center for Responsible Lending.