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The exemption had been planned to sunset in July 2010, of which time payday loan providers would simply be in a position to charge a 36 % APR.

Table1. Prices on pay day loans and Regulations to manage Payday Lending

State Interest Rate+ reputation of Meaningful Legislation to manage Payday Lending
Arizona 36 percent* Has Eliminated the Payday Debt Trap Through APR Limits
California 426 per cent No regulation that is meaningful of Lending
Colorado 214 % Has Implemented Reforms that Limit but Do perhaps not get rid of the Payday Lending Debt Trap
Nevada 521 % No significant legislation of Payday Lending
brand brand New Mexico 564 % No significant legislation of Payday Lending
Texas 417 % No significant Regulation of Payday Lending
Utah 443 per cent No significant legislation of Payday Lending

+ Source: Center for Responsible Lending

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