Bipartisan Legislation Would Cap Rates on Payday Loans at 36%

Consumer Advocates Applaud Effort to Take a Bite Out of Legalized Loan Sharks

Andy Spears

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Consumer protection legislation that would cap rates on payday and car title loans at 36% has been introduced in the House of Representatives. The bipartisan bill is a companion to similar legislation filed in the Senate in August. Current rates on payday loans can be in excess of 400% in some states.

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .