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

January 27, 2019

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

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

Payday Lenders Oppose Telephone Calls to finish Triple Digit Rates Of Interest

Indianapolis, IN – On Wednesday, January 23, Hoosiers from all across hawaii, including representatives from army associations, faith teams, community help companies, and advocates for housing, civil liberties, and survivors of domestic physical physical violence presented compelling pleas to Indiana senators in regards to the harms of pay day loans within their communities. Each called from the senators to guide SB 104, which may 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 finance institutions Committee, just lobbyists for out-of-state payday and installment lenders voiced opposition to the bill.Continue reading