For Immediate Release
January 27, 2019
CONTACT: Erin Macey, Senior Policy Analyst, 317-270-0874
Indiana Community, Faith, and Military Groups necessitate Rate Cap on pay day loans
Payday Lenders Oppose Phone Calls to finish Triple Digit Interest Levels
Indianapolis, IN вЂ“ On Wednesday, January 23, Hoosiers from all over hawaii, including representatives from army associations, faith teams, community support businesses, and advocates for housing, civil liberties, and survivors of domestic physical violence presented compelling pleas to Indiana senators in regards to the harms of payday loans in 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, only lobbyists for out-of-state payday and installment lenders voiced opposition to the balance.
вЂњWe genuinely payday loans California believe that vulnerable families in Indiana must be protected from interest and charges that many people would find intolerable,вЂќ said Glenn Tebbe, associated with the Indiana Catholic Conference.