Why Cap Interest Rates 36%?
People often wonder why the efforts to cap interest rates are working towards a 36% cap. It seems high and arbitrary, but there is a lot of historical precedence and success with that number.
Find Out Why
People often wonder why the efforts to cap interest rates are working towards a 36% cap. It seems high and arbitrary, but there is a lot of historical precedence and success with that number.
Find Out WhyTune in to hear Rep. Jim Davnie's testimony on the 36% interest rate cap, as he advocates for his constituents and consumers across Minnesota (5 minutes).
Watch on YoutubeUnder federal law, lenders are banned from offering loans to active-duty military members and their dependents with interest rates higher than 36%. The Veterans & Consumers Fair Credit Act would extend current credit protections to cover all consumers.
Read the House and Senate FilesOn February 27, 2019 House File 1501, which would cap the short-term loan APR at 36 percent, was moved forward by the House of Representatives Commerce Committee. Exodus Lending has been pushing for this legislative change to payday lending regulations since 2015 and we are excited for the possibilities that this bill has going forward.
Read House File 1501