Raimondo: Cap Payday Loan Rates

May 13, 2013
payday lending news

Rhode Island Treasurer Gina Raimondo on May 15 argued the case for reining in payday loan interest, which currently balloons to APRs as high as 260 percent in the state. Warning members of the House Finance Committee that the product tangles low-income borrowers in a cycle of debt, she voiced her support of legislation proposed by Rep. Frank Ferri and Sen. Juan Pichardo. The measure seeks to limit payday interest to no more than 36 percent. Several earlier efforts to crack down on the borrowing costs have all failed as a result of strong industry opposition.
Web Link

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.