(UPI) At least 60 Oregon payday lenders, which typically charged 520 percent for loans, have closed after a law capped rates at 36 percent, a state agency says.
Advance America, Cash Advance, of Spartanburg, S.C., the No. 1 U.S. payday loan company, has not decided if it will keep its 45 Oregon stores open, investor relations Director Jamie Fulmer said.
The new law lets payday lenders charge an origination fee of $10 for every $100 loaned, though no more than $30 for a loan of any amount.
Loans must be for at least 31 days. Lenders can charge 36 percent annual interest, or $3.60 per $100 in addition to the origination fee.