Senator Jack Reed (D-RI) introduced the Predatory Lending Elimination Act, which extends to veterans and all consumers the 36% annual percentage rate cap found in the Military Lending Act and prevents the use of junk fees to hide high-cost loans.
Read More about Senate Introduces 36% Rate Cap Bill to Curb High-Cost Loans, Junk Fees
Clear Rate Caps that Prevent Evasions are Critical to Protecting Consumers from Unaffordable Loans
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.
New Policy Briefs from CRL and NCLC recommend protections to shield consumers from abusive fintech cash advances.
Read More about Consumers Need Strong Protections from Fintech Cash Advances that Create Debt Traps
If you go to work every day, why don’t you get your paycheck immediately? Chana Schoenberger and Kate Fitzgerald at American Banker’s Bankshot podcast look at a new type of payday advance that sprung up in recent years known as earned wage access and talk to NCLC’s Lauren Saunders about who benefits and how when…
Read More about Bankshot: Lauren Saunders Discusses Earned Wage Access. Early Payday or Payday Loan?
Originally appearing in American Banker (subscription) on May 21, 2023, Polo Rocha interviews Lauren Saunders for a look at how several large and regional banks have started offering small-dollar loans to their cash-strapped customers and at how many Americans are using the products. Banks’ small-dollar loan products are a good option as long as they…
Read More about American Banker: Banks now offer payday-loan alternatives. How many people use them?
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