Released: Filed Under: Stoa Policy
About "APR (AFF)"
APR is the interest rate charged on loans. To protect the consumers, some states have put caps on ARP. But some states don’t even have a cap, and high interest rate lenders (think “Payday Loan” outfits, car title lenders, pawn shops, and even some banks) have ways to circumvent the caps in states that do have them. Payday lenders manage to charge rates like 100% or even 400% or higher on short-term loans, which leave the poor trapped in a cycle of debt, poverty, and bankruptcy. We need a national cap that sets the maximum interest rates for all loans, and experts agree 36% APR is the optimal maximum rate that allows lenders to profit from prudent loans and borrowers to be able to pay them back. This plan passes a bill currently pending in Congress to set a national 36% interest rate cap on all loans.
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Kathryn has done four years of team-policy debate. She and her partner qualified for NITOC the last three years. Research is definitely one of her favorite things to do.