By Brigid Curtis Ayer
A bill to help make payday lending more equitable for borrowers is into consideration in the Indiana General Assembly this current year. The Indiana Catholic Conference (ICC) supports the proposition.
Senate Bill 325, authored by Sen. Greg Walker, R-Columbus, would cap costs together with interest gathered regarding the loan to a 36 per cent annual percentage rate (APR). Present legislation enables up to a 391 % APR.
Glenn Tebbe, executive manager for the ICC, states Senate Bill 325 addresses the unjust interest charged by lenders into the payday financing industry. вЂњCurrent legislation and training frequently places people and families in to a financial obligation trap by firmly taking benefit of their circumstances,вЂќ stated Tebbe. вЂњUsury and exploitation of men and women violates the 7th commandment. Lending practices that, intentionally or inadvertently, just simply take advantage that is unfair of desperate circumstances are unjust.вЂќ