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 pay day loans
Payday Lenders Oppose Telephone Phone Calls to finish Triple Digit Interest Levels
Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over their state, including representatives from armed forces 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 advances within their communities. Each called regarding the senators to guide SB 104, which will cap the APR on little loans in Indiana at 36%. These loans are capped at 391% APR.
During three hours of testimony prior to the Senate Insurance and banking institutions Committee, just lobbyists for out-of-state payday and installment lenders opposition that is voiced the bill.
“We genuinely believe that vulnerable families in Indiana must certanly be protected from interest and charges that a lot of individuals would find intolerable, ” said Glenn Tebbe, associated with the Indiana Catholic Conference. “Lending practices that – intentionally or accidentally – simply simply simply take unfair benefit of one’s hopeless situation are unjust and do violate ethical principle. The state’s purpose while the state’s duty is always to protect and facilitate the normal good. Continue reading