Congress
Payday lenders survive by keeping customers caught in long-term debt. In 2006, Congress acted to protect military families from this predation by prohibiting payday and title lenders from charging higher than 36 percent APR. However, military families remain vulnerable to payday loans from banks, and Congress has not broadened the protections in the Military Lending Act to cover civilians, leaving the millions of Americans who live in states without protections vulnerable to predatory payday and car title lenders.
Browse Payday Lending - Policy & Legislation - Congress
- Military and Payday
November 22, 2010Military and Payday: Congress acted to protect military families from this predation by including a measure in the Defense Authorization Act of 2006 that prohibits payday and title lenders from charging higher than 36 percent APR.
- Interest Rate Survey
March 30, 2009CRL conducted a national survey to measure public support for one strategy on the table: a 36 percent cap on annual interest rates for consumer loans. The survey found high levels of support for such a measure, which had very little variance across different demographic groups.
- A 36% APR Cap on High-Cost Loans Promotes Financial Recovery
January 31, 2009Explains the importance of a federal 36% interest rate cap in stopping predatory lending and stimulating the economy.
