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 Calls to finish Triple Digit Rates Of Interest
Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over hawaii, including representatives from armed forces associations, faith teams, community help companies, and advocates for housing, civil legal rights, and survivors of domestic physical physical violence presented compelling pleas to Indiana senators in regards to the harms of payday advances inside their communities. Each called regarding the senators to guide SB 104, which may cap the APR on tiny 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, only lobbyists for out-of-state payday and installment lenders opposition that is voiced the bill.
“We genuinely believe that vulnerable families in Indiana must be protected from interest and charges that many people would find intolerable,” said Glenn Tebbe, associated with Indiana Catholic Conference. “Lending practices that – intentionally or inadvertently – simply take unjust benefit of one’s desperate situation are unjust and do break ethical principle.read more