Wisconsin Congressman Behind Bipartisan Drive To Crack Down On Payday Lenders

Wisconsin Congressman Behind Bipartisan Drive To Crack Down On Payday Lenders

Payday loan providers provide fast money to those people who are difficult up.

But also for many customers, the short-term loans develop into a trap, and additionally they wind up dealing with debt that is new to repay rates of interest that routinely cost 400 percent or maybe more.

A bill that is new Congress would cap those interest levels at 36 %. This has the backing of Democratic lawmakers in the home and Senate and a conservative republican from wisconsin.

In 2006, Congress passed a legislation that instituted the 36-percent cap for the nation’s active-duty military servicemembers. Read More