A bill now before the Legislature, HB 857, would let payday lenders charge interest rates of more than 200% APR.  The bill also would double the amount these lenders could loan, up to $1,000 at a time.  

This would let predatory “payday lenders” target borrowers who often don’t qualify for traditional loans.  Consumers could get trapped in a cycle of loans they can’t pay back and lose everything, even their homes.

200% APR is just too high.        

Ask your state representative to oppose HB 857.  There are better alternatives, including legislation that would forbid loans of more than 36 percent interest on these short-term loans.  

 

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