South Dakota: A Haven For Fast Credit
The Sioux Falls (SD) Argus Leader reports on the consumer lending business in South Dakota - where the industry is relatively "loosely regulated" and where payday lending is booming.
South Dakota has the highest number of banks per capita in the U.S., and ranked second in payday lenders per capita out of 20 states surveyed, according to a recent study by Peterson titled, "Predatory Lending and the Military: The Law and Geography of Payday Loans in Military Towns." The state also boasts a lively casino industry and has a military base, both of which could contribute to the high number of short-term lenders.
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