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Lawmakers eye caps on changing payday financing industry

Lawmakers eye caps on changing payday financing industry

Legislation now in mind would cap the APR at 100 % for payday and installment loans and would prohibit loan providers from over and over repeatedly trying to make automatic withdrawals without written authorization. 8/26/16

Triple-digit interest levels would be the norm into the payday financing industry. But federal and state regulations could control that.

Mary Tucker is shown in her home in brand brand New Castle on Monday afternoon. Tucker has already established difficulty checking up on her home loan after using down a quick payday loan. (Picture: KYLE GRANTHAM/THE INFORMATION JOURNAL) Purchase Picture