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New Indiana Legislation Could Limit Interest Levels on Pay Day Loans

Tuesday, January 21st, 2020

New Indiana Legislation Could Limit Interest Levels on Pay Day Loans

Brand brand New Indiana legislation could limit interest rates potentially on pay day loans, if help from customer advocates is sufficient to counter the lobbyist argument up against the bill. Senate Bill 104 would cap Annual portion prices at 36 per cent for loans all the way to $605 with a two-week term. a bill that is similar killed just last year rather than reached the Senate.

The coalition of supporters when it comes to legislation includes organizations that are faith-based customer advocacy companies, nonprofits, yet others. These advocates contend that pay day loans are predatory in nature, causing undue economic injury to susceptible individuals. Pay day loan providers in Indiana can lawfully charge as much as 391 % APR. (more…)