02 fev Whitehouse, Durbin Introduce Bill to Crack Down on Payday Advances

Whitehouse, Durbin Introduce Bill to Crack Down on Payday Advances

Legislation would cap interest levels and charges at 36 per cent for several credit deals

Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) has joined Senate Democratic Whip Dick Durbin (D-IL) in introducing the Protecting customers from Unreasonable Credit Rates Act of 2019, legislation that could eradicate the extortionate prices and high charges charged to customers for pay day loans by capping interest levels on customer loans at a yearly portion price (APR) of 36 percent—the same limitation currently in position for loans marketed to army solution - people and their loved ones.

“Payday lenders seek away clients dealing with an emergency that is financial stick these with crazy interest levels and high charges that quickly stack up,” said Whitehouse.

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