Alan Krinsky, director of research and fiscal policy at the Economic Progress Institute, dug into the specifics of the loans in both his written and spoken testimonies.
“The rate is 260% when the loan operates normally,” Krinsky testified. “This is not the rate for a delinquent or unpaid loan. It’s the rate if you pay in full and on time. It’s the advertised rate, how the payday loans are designed to work.”