The undersigned companies ask for the help to determine a 36 % APR limit on tiny loans in Indiana.
These loans are offered by prices as much as 391 % APR. We also ask you to reject any bills developing brand new loan services and products or expanding the allowable costs or interest on current loan items when they surpass this 36 per cent limit, and apply the 36 % limit simply to tiny loans.
A sizable human body of research has demonstrated that high-cost loans create a long-lasting financial obligation trap that drains customers’ bank reports and results in significant monetary damage, including delinquency and standard, overdraft and non-sufficient funds charges, increased trouble paying mortgages, lease, as well as other bills, loss in checking records and bankruptcy. Read more