Interest Rate, Usury & Other Credit Laws Archives

Broad Coalition Urges Congress to Oppose Unaffordable 100%+ APR Bank Loans

May 7, 2026

Groups Urge Lawmakers to Reject Enova and OppFi’s National Bank Applications and to Support State and Federal Interest Rate Limits WASHINGTON – Today, over 100 consumer, civil rights, and community organizations sent a letter urging members of Congress to stop predatory bank loans by opposing the unprecedented national bank applications of Enova and OppFi. The…

Coalition Letter Opposing Unaffordable 100% APR Bank Loans; Urging Congress to Support State and Federal Interest Rate Limits

May 7, 2026

The 104 undersigned consumer, civil rights, and community organizations wrote to Chairman Scott, Ranking Member Warren, Chairman Hill and Ranking Member Waters urging them to defend and strengthen interest rate limits and transparency to address the affordability crisis by:

Courts Reject Claims that Payday Loan Apps Don’t Offer Loans

April 15, 2026

Lenders pushing a new app-based form of payday loan claim they aren’t offering loans and they shouldn’t be covered by state or federal laws governing credit. However, to date, thirteen out of thirteen courts to rule on the issue have rejected industry arguments and found that wage advances offered through payday loan apps (so-called “earned…

Testimony in Opposition to H.B.5558 and Associated Legislation

March 12, 2026

NCLC submitted written testimony submitted to the Michigan House Committee on Regulatory Reform opposing H.B.5558 and associated bills. This proposed legislation would exempt a form of payday loan, so called “earned wage access” payday loans, from Michigan’s interest rate limits and transaction limits designed to prevent predatory lending.

Coalition Letter in Support of the Predatory Lending Elimination Act

February 11, 2026

Consumer, faith, civil rights, labor, human rights, and community advocacy groups, urge support for the Predatory Lending Elimination Act (S3793), sponsored in the Senate by Senator Jack Reed. This bill is the solution to the worst practices by predatory lenders in the consumer loan market. By expanding the protections already afforded active-duty service members under…

Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2025)

December 19, 2025

© Copyright 2025, National Consumer Law Center, Inc. All rights reserved. Caps on interest rates and junk fees are the primary vehicle by which states protect consumers from predatory lending. Forty-five states and the District of Columbia currently cap interest rates and loan fees for at least some consumer installment loans, depending on the size…

Burkhardt et al. v. MoneyLion Technologies Inc. et al.

October 17, 2025

Johnathan Burkhard and Deven Burkhardt, individually and on behalf of all others similarly situated v. MoneyLion Technologies Inc., ML Plus, LLC, and MoneyLion of Florida, LLC, No. 1:25-cv-06761-DEH-SLC (S.D. NY) This case seeks relief against predatory earned wage access lender MoneyLion and related companies on behalf of a nationwide class of servicemembers and their spouses…

50-State Survey: APRs Increase As States Allow Lenders to Pile on Junk Fees

November 21, 2024

Interest rate caps still vary greatly from state to state, rates are trending upward, and too many states allow lenders to pile on junk fees.

Predatory Installment Lending in the States: How Well Do the States Protect Consumers Against High-Cost Installment Loans? (2024)

November 21, 2024

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.

Comparing APRs on Small Loan Alternatives

January 7, 2025

Consumers who wish to borrow small amounts of money may have several options. Comparing them can be difficult, especially since consumers do not always get annual percentage rate (APR) disclosures. The APR is an important price comparison tool, providing an apples-to-apples rate comparison for borrowing the same amount of money for the same amount of…

Advocates Urge Federal Appellate Court to Correct Reading of Federal Statute Permitting States to Reclaim Usury Authority

September 25, 2024

The brief supports the State of Colorado and reversal of a federal district court decision in the case, NAIB v. Weiser.

Synchrony's Planned Rate Hike Unjustified, Advocates Say

April 25, 2024

Consumer advocates question what is driving higher rates and defend the new late fee rule by the CFPB.

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