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Indiana Community, Faith and Military Groups demand speed Cap on pay day loans

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

Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over hawaii, including representatives from army associations, faith teams, community help companies, and advocates for housing, civil liberties, and survivors of domestic physical violence presented compelling pleas to Indiana senators concerning the harms of payday advances inside their communities. Each called regarding the senators to aid SB 104, which will 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 banking institutions Committee, only lobbyists for out-of-state payday and installment lenders opposition that is voiced the balance.

“We think that families that are vulnerable Indiana should really be protected from interest and costs that many individuals would find intolerable,” said Glenn Tebbe, associated with Indiana Catholic Conference.


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