Congress
HIGHLIGHT
Proposals to cap annual interest rates to two-digits have not moved in Congress, though this measure enjoys a great deal of support among Americans. A CRL survey finds that over 70 percent of Americans favor a rate cap of 36% or lower. Measures that would limit the number of loans per borrower each year have gained interest in 2010 as policymakers become aware that the payday lending industry depends on keeping customers caught in long-term debt for its survival.
- Interest Rate Survey
March 30, 2009 - A 36% APR Cap on High-Cost Loans Promotes Financial Recovery
January 31, 2009
