A borrower is allowed only one payday loan at a time with a face value of $500 (not including any fees that may be attached) and it can only be rolled over three times. The 2005 Legislative Session made several bills that revise the requirements of a payday lender and the cash loans they disburse. The minimum loan term is 5 days and the minimum loan amount is $50. Interest rate charged by the lenders is up to 15% of amount loaned.
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