Whitehouse, Durbin Introduce Bill to Crack Down on Pay Day Loans

Whitehouse, Durbin Introduce Bill to Crack Down on Pay Day Loans

Legislation would cap rates of interest and costs at 36 % for many credit rating transactions

Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) has joined Senate Democratic Whip Dick Durbin https://personalbadcreditloans.net/payday-loans-wi/minocqua/ (D-IL) in launching the Protecting customers from Unreasonable Credit Rates Act of 2019, legislation that could get rid of the extortionate prices and high charges charged to customers for pay day loans by capping rates of interest on customer loans at a percentage that is annual (APR) of 36 percent—the same restriction currently in position for loans marketed to army solution – users and their own families.