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Payday lending gets legislative scrutiny

By Chase Martyn 12/2/08

The Des Moines Register reports that several state legislators, including Sen. Jack Hatch and Rep. Janet Petersen, have decided to make payday loan reform a high priority in the coming legislative session.
Back in August, intern (and now Truman and Mitchell scholar) Alec Schierenbeck examined all sides of the payday lending industry in Iowa, painting perhaps [...]

No credit? No collateral? No problem

By Alec Schierenbeck 8/6/08

In strip malls across the country, under signs with phrases like “Fast Cash” and “EZ Money,” nearly anyone with a pay stub, a bank statement and a photo ID can take out a high-interest cash loan in a matter of minutes, without collateral and with few questions asked. Called payday loans, these small cash payments made in anticipation of a payday have spawned a $59 billion-a-year industry nationwide.

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