Payday Lenders Face NY Regulatory Pressure

By  |  August 6, 2013
 | 

New York regulators are taking aim at an alleged loophole that is allowing online lenders to charge interest rates of 500 percent or more on short-term loans, Dealbook reported on August 5.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Regulators have issued 35 cease-and-desist letters to companies that are purportedly violating state usury laws, which put a 25 percent cap on interest rates. Regulatory pressure is also being put on the banks that enable these companies to operate.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    For more on the state’s actions in this developing legal battle, read the full report here.  


    See More In: