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Whitehouse, Durbin Introduce Bill to Crack Down on Payday Advances

Whitehouse, Durbin Introduce Bill to Crack Down on Payday Advances

Legislation would cap interest levels and costs at 36 per cent for many credit rating deals

Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) has joined Senate Democratic Whip Dick Durbin (D-IL) in launching the Protecting customers from Unreasonable Credit Rates Act of 2019, legislation that could eradicate the extortionate prices and high charges charged to customers for payday loans by capping interest levels on customer loans at a percentage that is annual (APR) of 36 percent—the same limitation presently in position for loans marketed to army solution – users and their loved ones.

“Payday lenders seek away clients dealing with a economic crisis and stick all of them with crazy interest levels and high charges that quickly stack up,” said Whitehouse. “Capping rates of interest and costs can help families avoid getting unintendedly ensnared within an escape-proof period of ultra-high-interest borrowing.”

Almost 12 million Us Us Us Americans use payday advances each incurring more than $8 billion in fees year. Continuer la lecture de Whitehouse, Durbin Introduce Bill to Crack Down on Payday Advances