Michigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest Rates
CFPB Monitor
JUNE 9, 2022
The group cited numerous concerns as to why the payday loan interest rate cap was necessary, including evidence that the current rate terms trap vulnerable state citizens in a cycle of debt, make it difficult to secure housing, and disproportionately impact rural communities and communities of color.
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