In Local News...Payday Loan Interest Rates Capped!

The DC city council has capped payday loan rates...via DMIblog. The D.C. Council voted 12 to 1 yesterday to approve legislation that would require payday loan stores to charge the same annual percentage rate as banks and credit unions, a limit that the payday lending industry says will put them out of business in the city. The council was not swayed by the industry's fervent lobbying during the past month or the cautionary words yesterday of council member Marion Barry (D-Ward 8), an original co-sponsor of the legislation. Barry warned that some residents would have nowhere else to go for emergency loans.
back to Blog