Bipartisan Legislation Would Cap Rates on Payday Loans at 36%
Consumer Advocates Applaud Effort to Take a Bite Out of Legalized Loan Sharks
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.