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Industry watchers predict surge in payday lending

Wednesday, May 20, 2020
Jeniffer Solis | Nevada Current
Charla Rios
Critics of the industry say the loans are designed to trap borrowers into a cycle of debt. Nearly 20 states have capped rates on payday loans, but lawmakers have rejected efforts to cap the high interest loans in the Silver State, where the industry has contributed generously to politicians. The Center for Responsible Lending reports that the typical annualized percentage interest on a payday loan in Nevada is 652 percent.