I understand that every issue has two sides, but it would be nice if one side at least pretended to listen to the other.
Read this article from a North Carolina paper.Â The Regions Bank loan product explicitly does not permit loan rollovers.Â Â Instead, borrowers can choose to enter into a long term payment plan at 21% APR, which is about the rate that credit cards charge.
â€œIt is not a payday loan,â€ said Mitchell, the bank spokeswoman. One of the differences, she said, is that â€œwe donâ€™t allow people to roll that loan over. You canâ€™t take out another loan to pay back your existing loan.â€
Yet the State AG says…
(You can read the rest of the article HERE)