More than a dozen groups have joined a coalition that's again pushing the legislature to set limits on the interest rates charged on payday loans. KCCI TV reports the coalition says rate on some of those loans top 400%. Usually, a payday loan requires proof of income, then you give the lender a postdated check for the loan amount, plus a fee. The lender later cashes the check or gives the borrower another loan if they can't pay. 16 state senators have sponsored legislation setting a 36% cap on interest.
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