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DES MOINES, Iowa — The car title payday lending industry is relatively new to Iowa, but the Iowa Credit Union League has already seen enough of that industry’s practices to know they’re abusive. So the league is working closely with the state legislature to make it possible for credit unions in the state to be able to offer a low-cost, alternative payday lending solution.

Justin Hupfer, vice president of government affairs for the league explained the car title industry in Iowa is “fairly new,” but already the typical signs of abusive payday lending practices are evident. Currently there is no limit on the interest rates the lenders can charge, and Hupfer says the rates are as high as 300% annually.

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