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Spreading The Cap Coalition Against Payday Lending Wants Loans Limited in Every State

Working off the recent federal cap on payday loans to military service members, the Center for Responsible Lending, Consumer Federation of America and National Association for the Advancement of Colored People have begun working to get as many states as possible to limit all payday loans to charging interest rates...

By David Morrison | Updated on December 12, 2006

DURHAM, N.C. — Working off the recent federal cap on payday loans to military service members, the Center for Responsible Lending, Consumer Federation of America and National Association for the Advancement of Colored People have begun working to get as many states as possible to limit all payday loans to charging interest rates of no more than 36%.

“Payday loans sink borrowers into quicksand-like debt,” said Michael D. Calhoun, CRL president. “Borrowers end up paying more in interest, at rates of 400%, than the amount they originally borrowed. But by addressing payday lending squarely with a 36% APR cap, state lawmakers can get working Americans back on solid financial ground.”

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