For Immediate Release
Indiana Community, Faith, and Military Groups demand speed Cap on payday advances
Payday Lenders Oppose Phone Telephone Phone Calls to finish Triple Digit Interest Levels
Indianapolis, IN вЂ“ On Wednesday, January 23, Hoosiers from all over their state, including representatives from armed forces associations, faith teams, community support businesses, and advocates for housing, civil legal rights, and survivors of domestic physical physical violence presented compelling pleas to Indiana senators concerning the harms of pay day loans inside their communities. Each called from the senators to aid SB 104, which will cap the APR on little loans in Indiana at 36per cent. These loans are capped at 391% APR.
During three hours of testimony prior to the Senate Insurance and banking institutions Committee, just lobbyists for out-of-state payday and installment lenders voiced opposition to the bill. Continue reading