[quote=“JoesTypeS,post:9,topic:32870"”]
They’re classified as pay-day advances so they don’t fit under typical usury laws…I fucking love this industry it’s taken all the heat of my industry
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By law you can only advertise pay-day advances as a fee, not a loan rate. Once you attach a rate it’s not longer a pay-day advance.
We looked into this when we wrote our courtesy pay module for our credit union software. Some CU’s wanted to charge their members a rate instead of a flat fee, but we couldn’t legally add that feature.