Whitehouse, Durbin Introduce Bill to Crack Down on Payday Advances

Legislation would cap rates of interest and costs at 36 per cent for several credit rating deals

Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) has joined Senate Democratic Whip Dick Durbin (D-IL) in launching the Protecting customers from Unreasonable Credit Rates Act of 2019, legislation that could eradicate the exorbitant prices and high costs 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 limitation presently in position for loans marketed to army solution – people and their own families.

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