Senate bill seeks to rein in payday loan rates

04/10/2013 | Hill, The

Several Democratic senators introduced a bill that sets an interest rate and fee cap of 36% for all consumer credit transactions as part of a drive to halt payday loan rates that can hit 300%. "For some, payday lenders offer a quick way to make ends meet, but often with devastating consequences," said Sen. Dick Durbin, D-Ill., one of the bill's sponsors.

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Hill, The

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