A payday loan is sold as a bridge to the next paycheck. It’s built to be a trap: fees that work out to annual rates of 300 percent or more, due in full in two weeks, so borrowers roll it over again and again and pay more in fees than they ever borrowed. The lenders cluster in the neighborhoods with the fewest banks and the most people one car repair away from disaster. Congress already caps loans to active-duty service members at 36 percent because this lending wrecked military families — every other family deserves the same protection. Resistbot is asking your state lawmakers, and everyone running for those seats, to cap payday and installment loans at 36 percent APR, fees included, and close the loopholes lenders use to get around it.
Started by Resistbot
A payday loan is sold as a bridge to the next paycheck. It’s built to be a trap: fees that work out to annual rates of 300 percent or more, due in full in two weeks, so borrowers roll it over again and again and pay more in fees than they ever borrowed. The lenders cluster in the neighborhoods with the fewest banks and the most people one car repair away from disaster. Congress already caps loans to active-duty service members at 36 percent because this lending wrecked military families — every other family deserves the same protection. Resistbot is asking your state lawmakers, and everyone running for those seats, to cap payday and installment loans at 36 percent APR, fees included, and close the loopholes lenders use to get around it.
Started by Resistbot
