Stop Payday Lending

Payday loans are short term loans (usually about 14 days) that are secured by the borrower's paycheck.  Because the lender knows that the borrower is both eager for the loan and unlikely to be able to pay it back, they are allowed to charge a high rate of interest.  If the borrower can't repay it, they are allowed to refinance it.  In the end they run about 260% APR.  These loans are ruinous to many borrowers, causing bankruptcy and/or loss of housing.  The RI bill would limit lenders to 36%APR.  

Please sign the petition in support of this legislation. 

Learn more at the www.RIPAYDAY.org website.  Here are several resources (which you can also download there):

Payday Lending Fact Sheet

a fact sheet on payday lending in RI

Why 36% interest cap

Why a 36% cap on short term loans.

Payday loan bill summary

A summary of this year's legislation

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