For Immediate Launch
January 27, 2019
CONTACT: Erin Macey, Senior Policy Analyst, 317-270-0874
Indiana Community, Faith, and Military Groups demand Rate Cap on pay day loans
Payday Lenders Oppose Telephone Telephone Calls to finish Triple Digit Rates Of Interest
Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over their state, including representatives from armed forces associations, faith teams, community assistance businesses, 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 payday advances inside their communities. Each called regarding 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 balance.
“We think that vulnerable families in Indiana must certanly be protected from interest and costs that a lot of individuals would find intolerable, ” said Glenn Tebbe, regarding the Indiana Catholic Conference. “Lending practices that – intentionally or accidentally – take unjust benefit of one’s hopeless situation are unjust and do break principle that is moral. The state’s purpose while the state’s duty would be to protect and facilitate the most popular good. ”