For Immediate Launch

January 27, 2019

CONTACT: Erin Macey, Senior Policy Analyst, 317-270-0874

Indiana Community, Faith, and Military Groups necessitate speed Cap on payday advances

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

Indianapolis, IN – On Wednesday, January 23, Hoosiers from all over their state, including representatives from army associations, faith teams, community support companies, and advocates for housing, civil liberties, and survivors of domestic physical physical violence presented compelling pleas to Indiana senators concerning the harms of pay day loans inside their communities. Each called regarding the senators to guide SB 104, which may cap the APR on little loans in Indiana at 36per cent. These loans are capped at 391% APR.

During three hours of testimony ahead of the Senate Insurance and banking institutions Committee, just lobbyists for out-of-state payday and installment lenders voiced opposition to the balance. Continue reading