New at Reason: Katherine Mangu-Ward on Montana's Payday Loan Vote

November 4, 2010

On Tuesday, three-quarters of Montana voters approved a cap on payday loan rates. Many of those voters likely thought they were voting for cheaper short-term loans. But that’s not what will happen in the Big Sky State. When the rules of the game change, so do the players. Instead, as Senior Editor Katherine Mangu-Ward explains, the passage of the rate cap means the state’s payday lenders will pack their (money)bags and hit the road.

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