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Bernie Sanders: ‘Exploitative’ payday loans in Wisconsin average 574% annual rate

Tuesday, May 14, 2019
Eric Litke | PolitiFact

Ramping up his latest push for the White House, Bernie Sanders is taking aim at high interest rates on credit cards and payday loans.

The Vermont senator introduced legislation in May 2019 — along with U.S. Rep. Alexandria Ocasio-Cortez — that would cap both rates at 15%.

Payday loans are small-dollar advances designed to provide emergency funds. They are typically due in full on the borrower’s next payday. Critics say these operators take unfair advantage of those in financial distress with exorbitantly high interest rates.