06/22/2021
https://www.congress.gov...
"By my calculation, just back of the envelope, I think it is about 200 percent annual interest that she paid."
"to describe yourselves as being part of a heavily regulated entity when it is the case that by her direct testimony we have someone here who received loans that were rolled over for five years."
"If the concern we have is about a product that is designed to ensnare people in repeat loans over time so that it is possible to extract from them 200 percent interest, then it seems to me that Ms. Sm..."
"I think it is a positive thing that we charge half of what a payday lender charges."