Steven Colbert recently did his usual sarcastic news update about a bad bill that has been introduced in Congress. The bill would legalize payday lending at the national level and allow loan sharks to charge 390 percent APR for a two week loan! And the bill’s author claims to be doing this under the guise of consumer protection. Hmmmm.
Consumers Union thinks there is a better way to protect consumers and we’re asking for your support.
1) Interest rates should be capped at 36% including all fees. Tell Congress!
2) We need an agency to protect consumers from unsafe financial products. Tell Congress!
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