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Federal lawmakers seek to reduce cash advance prices from 400% interest to 36per cent

Federal lawmakers seek to reduce cash advance prices from 400% interest to 36per cent

Tens of an incredible number of Us citizens are looking at high-cost loans that regularly carry interest levels of a lot more than 400% for everyday costs, such as for instance having to pay their bills and addressing crisis costs. For several, those prices become simply too high and result in a debt cycle that is seemingly endless.

But that will soon alter. This week, five users of Congress intend to introduce federal legislation that would ban these sky-high prices on many different customer loans, including payday advances.