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Payday lenders prey on vulnerable
The Gazette Opinion Staff
Jun. 11, 2013 12:10 pm
The Cedar Rapids City Council is to be congratulated for unanimously passing (first reading) on May 28 an ordinance that establishes location requirements to restrict the growth of payday lenders. Payday lenders are predatory lenders who 400 percent APR or more for their loans and send their profits to out-of-state companies.
They prey on vulnerable people who take out multiple loans because they don't have the resources to pay off previous loans.
Darrel Wrider
Cedar Rapids
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