Nj includes a 30% rate of interest limit on loans nevertheless the Trump administration’s proposed guideline will allow predatory loan providers to cover a bank that is out-of-state become the “true lender” on behalf for the predatory loan provider. This can exacerbate our state’s eviction crisis, cause more bankruptcies, shutter more small enterprises, and force many families to turn over their hard-earned wages up to a predatory payday loan provider, Beverly Brown Ruggia of the latest Jersey Citizen Action claims.
By Beverly Brown Ruggia