Payday loans cost Hoosiers millions. The report estimated that when payday loan providers needed to abide by the 36 % interest-rate limit for regular loans, borrowers might have conserved significantly more than $291 million in the last 5 years.

Payday loans cost Hoosiers millions. The report estimated that when payday loan providers needed to abide by the 36 % interest-rate limit for regular loans, borrowers might have conserved significantly more than $291 million in the last 5 years.

INDIANAPOLIS— Payday loan providers have actually drained an estimated $322 million in finance fees from Hoosiers throughout the last 5 years, in accordance with a unique report from groups advocating for hawaii to rein in those companies.

The report, released Tuesday by the Indiana Institute for performing Families plus the Indiana Assets & chance system, revealed that a 2002 exemption for short-term loans allowed payday loan providers to charge percentage that is annual because high as 391 %.