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Payday Move Sounds Simple, but the Devil Is in the Details
Others are experimenting with new ways to find borrowers in need to lower the cost of credit checks and default risks. Employee Loan Solutions in San Diego ties up with employers, who offer referrals for personal loans as part of employee-benefit programs. The company provides 12-month loans at a 24.9% annual percentage rate to employees with at least six months on the job, while limiting the monthly repayment amount to 8% of their pay or less, said Doug Farry, its executive vice president.