Bipartisan Coalition to Introduce Nationwide Payday Loan Bill
A coalition that is bipartisan of plans to introduce a bill that will cap rates of interest at 36 percent yearly, NPR reports.
Rep. Glenn Grothman, R-Wis., Sens. Jeff Merkley (D-Ore), Sherrod Brown (D-Ohio) and Jack Reed (D-R.I.), also Rep. Jesъs “Chuy” Garcнa (D-Ill.) will quickly introduce the Veterans and Consumers Fair Credit Act.
“It’s hard to assume that would desire to just take a loan out with an intention price of 150 or 200 % per year,” Grothman told NPR. “There is absolutely no way that is in anybody’s desires at all, and taking advantage of folks who are either in hopeless straits or higher most likely simply plain financially illiterate is immoral.”