Indiana Community, Faith and Military Groups necessitate speed Cap on pay day loans

Indiana Community, Faith and Military Groups necessitate speed Cap on pay day loans

For Immediate Launch

CONTACT: Erin Macey, Senior Policy Analyst

Indiana Community, Faith, and Military Groups necessitate speed Cap on pay day loans

Payday Lenders Oppose Telephone Phone Telephone Calls to finish Triple Digit Rates Of Interest

Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over their state, including representatives from armed forces associations, faith teams, community help companies, and advocates for housing, civil legal rights, and survivors of domestic physical physical physical violence presented compelling pleas to Indiana senators in regards to the harms of pay day loans inside their communities. Each called regarding the Delaware loan payday senators to aid SB 104, which will cap the APR on little loans in Indiana at 36per cent. These loans are capped at 391% APR.

During three hours of testimony prior to the Senate Insurance and banking institutions Committee, just lobbyists for out-of-state payday and installment lenders opposition that is voiced the bill. Read more