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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 rates of interest and costs at 36 per cent for several 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 will eradicate the extortionate prices and high charges charged to customers for pay day loans by capping rates of interest on customer loans at a apr (APR) of 36 percent—the same limitation presently in position for loans marketed to army service – users and their own families.

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

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