Idaho lawmakers are looking at a bill to cap just how interest that is much loan providers may charge borrowers.
Numerous loan that is payday charge interest levels as much as 400 %. House Bill 470 would cap rates of interest at 36 %. Bill co-sponsor Sen. Lee Heider (R-Twin Falls) told the Idaho Press-Tribune, “our society is not as well-off at this time because it was, so individuals are being taken advantage of.”
At the least 16 other states have actually capped rates of interest on short-term, high-risk loans, including certainly one of Idaho’s next-door neighbors towards the east. Continue reading “Idaho’s Payday Lenders Can Face Interest Cap”