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Coalition Supports 36% Interest Rate Cap on Consumer Loans During COVID-19 Crisis

March 23, 2020
Payday and Other Small Dollar Loans
Payday Loans
Letters to Congress

A diverse coalition of community organizations signed on to this letter to Congress urging them to protect Americans from price gouging during this unprecedented COVID-19 crisis, by enacting a 36% APR cap on all loans. Congress should amend the Military Lending Act (MLA) to extend to ALL consumers the credit protections provided to members of the Armed Forces and their dependents throughout the duration of the COVID-19 emergency.