CRL Financial Literacy Month Video Shows Why APR Matters and Why Payday Lenders Resist Clearly Disclosing It
Hiding Ability to Compare True Costs of Loan Options Lets Lenders Take Advantage of Consumers WASHINGTON – The Center for Responsible Lending (CRL) today released a video for Financial Literacy Month to educate the public on why readily providing the APR (annual percentage rate) of payday loans is essential to providing financial fairness for consumers, and to urge Congress and states that still have payday lending to pass a 36 percent rate cap for annual interest on these loans. Payday loans – also known as cash advance loans – cost American families more than $4 billion annually. Payday