Whitehouse, Durbin Introduce Bill to Crack Down on Payday Advances

Legislation would cap interest levels and charges 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 exorbitant prices and high costs charged to customers for payday advances by capping interest levels on customer loans at a annual percentage price (APR) of 36 percent—the same limitation presently set up for loans marketed to armed forces service – people and their loved ones.