Legislation would cap interest levels and charges at 36 per cent for many credit rating deals

Legislation would cap interest levels and charges at 36 per cent for many credit rating deals Washington, D.C. – U.S. Senator Sheldon Whitehouse (D-RI) has joined Senate Democratic Whip Dick Durbin (D-IL) in launching the Protecting customers from Unreasonable Credit Rates Act of 2019, legislation that will eradicate the extortionate prices and high costs charged to customers for pay day loans by capping rates of interest on customer loans at an Annual Percentage Rate (APR) of 36 percent—the same restriction currently set up for loans marketed to army solution – people and their own families.