Few financial advisors would steer you to a payday loan store, but the stores are there for those who have little other choice. A bill that has been introduced in the General Assembly is meant, says its sponsor, to be educational and not necessarily discourage their use. “A lot of people that are going in there have very little financial knowledge, and, basically, the goal of this is to ensure that they know what they’re getting themselves into,” says State Rep. C. D. Davidsmeyer (R-Jacksonville).
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Davidsmeyer says he does not want to outlaw payday loans, adding that – even with annual interest rates of 300-400 percent – they do serve a purpose for some.