The Center for Responsible Lending (CRL) expressed support for a bipartisan bill that would limit the interest rate on consumer loans to no more than 36% Annual Percentage Rate (APR), if passed.
“Payday and other high-interest lenders trap people in debt. These lenders target financially vulnerable, low-income people, and communities of color – and they make their financial problems even worse. The Veterans and Consumers Fair Credit Act would stop this economic exploitation,” said Graciela Aponte-Diaz, acting federal advocacy director for CRL.