For Immediate Launch
January 27, 2019
CONTACT: Erin Macey, Senior Policy Analyst, 317-270-0874
Indiana Community, Faith, and Military Groups demand speed Cap on pay day loans
Payday Lenders Oppose Phone Telephone Calls to finish Triple Digit Rates Of Interest
Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over hawaii, including representatives from army associations, faith teams, community help businesses, and advocates for housing, civil liberties, and survivors of domestic physical physical violence presented compelling pleas to Indiana senators concerning the harms of payday advances inside their communities. Each called regarding the senators to guide SB 104, which will cap the APR on tiny loans in Indiana at 36per cent. These loans are 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 voiced opposition to the balance. Continue reading