Rhode Island could be the next state to significantly lower their cash advance interest limit, according to how a General Assembly votes for a new proposition.

The bill, that has been presented towards the state’s General Assembly on would lower the payday loan interest rate cap to 36 percent wednesday. Beneath the law that is current loan providers may charge an APR of 260 %, or ten dollars for each $100 borrowed.

Supporters of this bill consist of Treasurer Gina Raimondo while the Rhode Island Payday Lending Reform Coalition.

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