In In The News

Two bills passed in the state Senate this week aim to fix an exploitative system of payday lending that has trapped thousands of Michiganders in a cycle of perpetual debt.

Senate Bill 632 and House Bill 4343, passed by the Senate on Thursday, would put a new interest rate cap of 36% on all payday loans in Michigan, inclusive of all loan service fees.

The main idea, lawmakers have said, is to drastically curb the cost of loan repayment for Michiganders who have been trapped in perpetual debt due to the “predatory” structure of the loans—particularly in Black and brown communities often targeted by payday lending shops.

Read more at ‘The Gander.