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

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

For Immediate Launch

27, 2019 january

CONTACT: Erin Macey, Senior Policy Analyst, 317-270-0874

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

Payday Lenders Oppose Phone Phone Calls to finish Triple Digit Interest Levels

Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over hawaii, including representatives from army associations, faith teams, community assistance 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 from the senators to guide 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 ahead of the Senate Insurance and banking institutions Committee, just lobbyists for out-of-state payday and installment lenders voiced opposition to the bill. Continue reading “Indiana Community, Faith and Military Groups demand speed Cap on payday advances”