Whitehouse, Durbin Introduce Bill to Crack Down on Payday Advances Legislation would cap interest levels and costs at 36 % for several credit rating deals Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) has joined Senate Democratic Whip Dick Durbin (D-IL) in launching the Protecting customers from Unreasonable Credit Rates Act of 2019, legislation that will eradicate the extortionate prices and high charges charged to customers for payday advances by capping rates of interest on customer loans at a apr (APR) of 36 percent—the same limitation presently set up for loans marketed to armed forces solution - users and their own families. “Payday lenders seek away clients dealing with installment loans Tennessee online a monetary crisis and stick these with crazy interest levels and high costs that quickly
