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Mississippi’s expansion of short-term lending starts July 1

The wall that separated payday ending and car title lenders came down last week with Gov. Phil Bryant’s signing of legislation designed to keep short-term loans available after the U.S. Consumer Financial Protection Bureau enacts sweeping new reforms on June 2 as expected. Lenders in the business of making short term, low-dollar loans say they expect the Consumer Financial Protection ...

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Loan interest legislation dies in Senate committee

JACKSON — A bill that would have allowed small lenders to charge more on certain types of loans died with a yesterday deadline for committee action. House Bill 1396 would have increased the allowable interest rates on loans under $1,500 from 36 percent to 99 percent. Supporters say the measure would have given borrowers a lower-cost option to payday lenders. ...

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Legislation would drive up interest rates on some loans

JACKSON — Mississippi borrowers could soon pay more for some kinds of loans if lawmakers approve a bill to allow higher interest rates. House Bill 1396 would allow loan companies to charge 99 percent interest for loans up to $1,500. The current cap is 36 percent. It would also change amounts that could be charged for loans up to $4,000. ...

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Commercial loans – who needs them?

Lenders see fewer prospective borrowers during difficult economic times   Lenders are reporting they are ready and willing to make commercial and industrial loans. However, they are seeing few takers these days. With consumer spending down and businesses cutting back, prospective commercial borrowers have little use for a loan. “Demand for commercial loans has been soft the last six to ...

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