Dear Users for the Indiana General Assembly,
The companies that are undersigned for the assistance to see a 36 percent APR restriction on small loans in Indiana. These loans are supplied by costs because high as 391 percent APR. We also request you to definitely reject any bills developing loan that is brand brand new or expanding the allowable costs or interest on present loan services and products once they surpass this 36 percent limitation, and use the 36 percent limitation after which little loans.
The undesireable effects of high-cost loan products are well-documented.
A large human body of research reports have demonstrated that high-cost loans establish lasting monetary responsibility trap that drains customersвЂ™ bank reports and outcomes in significant financial harm, including delinquency and standard, overdraft and non-sufficient funds expenses, increased difficulty spending mortgages, rent, along with other bills, loss in checking documents and bankruptcy.