The bill effectively preempts state usury laws for non-bank finance companies like payday lenders in the name of ensuring access to credit, even if on extremely onerous terms. (creditslips.org)
The set fees associated with a loan will be a larger ratio of the purchase price, which puts many loans in conflict with usury laws in some states. (biggerpockets.com)
Even in states where interest rates are capped by usury laws, late fees or NSF fees ratchet up the balance. (sapling.com)