Capping 260% interest payday loans is good for R.I.

To paraphrase Mark Twain, “A lender is a fellow who charges you for his umbrella when the sun is shining, but wants it back the minute it begins to rain.” If that’s the case, a Rhode Island payday lender is the fellow that lends you a paper umbrella for the mere cost of 260 percent annual interest when it starts raining and then wants it back minutes later in the middle of the rain to sell you another one. More

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