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Indiana Community, Faith and Military Groups demand speed Cap on pay day loans

Indiana Community, Faith and Military Groups demand speed Cap on pay day loans

For Immediate Launch

Indiana Community, Faith, and Military Groups necessitate speed Cap on payday advances

Payday Lenders Oppose Calls to End Triple Digit Rates Of Interest

Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over their state, including representatives from armed forces associations, faith teams, community help businesses, and advocates for housing, civil liberties, and survivors of domestic physical violence presented compelling pleas to Indiana senators concerning the harms of pay day loans inside their communities. Each called regarding the senators to guide SB 104, which will cap the APR on small loans in Indiana at 36per cent. These loans are currently capped at 391% APR.

During three hours of testimony ahead of the Senate Insurance and finance institutions Committee, just lobbyists for out-of-state payday and installment lenders opposition that is voiced the balance.