Fact Sheet: State Annual Percentage Rate (APR) Caps for $500, $2,000, and $10,000 Installment Loans
A summary of the U.S. states that cap the maximum annual percentage rate (APR) on small - to mid-size installment loans.
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A summary of the U.S. states that cap the maximum annual percentage rate (APR) on small - to mid-size installment loans.
Appearing on the Los Angeles Times on May 16, 2024, David G. Savage interviews NCLC Associate Director Lauren Saunders for coverage of the U.S. Supreme Court ruling in favor of the Consumer Financial Protection Bureau. “Predatory lenders and companies that rip consumers off with illegal junk fees have been trying to undermine the CFPB since…
NCLC Opposes HR 8338, which would exempt any bank or other creditor that offers specified small-dollar loans from any civil penalties or damages for violating TILA, the FCRA, ECOA, EFTA and other laws.
Read More about Letter Opposing HR 8338 (Kim), Clarity in Lending Act
H4456 declares that fintech payday loans are not loans and their costs are not interest subject to Massachusetts’ protections against predatory lending. Currently in Massachusetts, loans under $6,000 are limited to “23% per annum of the unpaid balances of the amount financed calculated according to the actuarial method plus an administrative fee of $20.” H4456…
Read More about Testimony in Opposition to H4456: An Act Relative to Financial Technology Services
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