Synchrony's Planned Rate Hike Unjustified, Advocates Say
Consumer advocates question what is driving higher rates and defend the new late fee rule by the CFPB.
Read More about Synchrony's Planned Rate Hike Unjustified, Advocates Say
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Consumer advocates question what is driving higher rates and defend the new late fee rule by the CFPB.
Read More about Synchrony's Planned Rate Hike Unjustified, Advocates Say
NCLC submitted testimony supporting Rhode Island H 7941, which exercises the state’s right under the Depository Institutions Deregulation and Monetary Control Act of 1980 to opt out of interest rate exportation by state-chartered banks. The bill will restore Rhode Island’s ability to apply its usury laws to prevent predatory rent-a-bank lending.
Read More about Testimony in Support of Rhode Island H 7941 Opting Out of DIDCMA
This report surveys the interest rates and loan fees allowed by all 50 states and the District of Columbia for an unsecured 5-year installment loan of $10,000.
Everything that is wrong with a high-cost loan is only made worse when the loan is larger and the terms are longer.
Read More about 50-State Survey Finds Larger Loans Need Lower Rates
Forty-five states and the District of Columbia (DC) currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size of the loan. However, the caps vary greatly from state to state, and a few states do not cap interest rates at all.
Clear Rate Caps that Prevent Evasions are Critical to Protecting Consumers from Unaffordable Loans