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Short-term Lender Cap Could Cut off Last Resort of Many with Low Income

Without a pawnshop and a gold onyx ring, Patrick Heinaman's grandmother might have missed her daughter's funeral. The short-term loan put the 412-mile trip to Port Lavaca, Texas, within reach. It was costly, but her only option. But Heinaman's grandmother and other low-income borrowers would have a harder time getting an emergency loan of that type if the legislation Congress is considering, which would cap interest rates on all consumer credit transactions, passes. ...more...

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