Paying Back Payday Loans

Home chairwoman backs rate of interest cap on pay day loans

Home chairwoman backs rate of interest cap on pay day loans

The chairwoman of this House Financial solutions Committee said she intends to advance a bipartisan bill to impose a strict restriction on interest levels whenever Congress reconvenes year that is next.

Under federal law, loan providers are prohibited from providing loans to active-duty armed forces users with rates of interest more than 36 per cent.

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