Home File 102
On January 27th the Minnesota House of Representatives Finance and Policy Committee heard a proposition on regulating consumer short-term and little loan interest prices, championed by Rep. Jim Davnie. We’re delighted that there’s energy behind mortgage loan limit in Minnesota even as we move ahead in 2021.
Minnesotans for Fair Lending
Minnesotans for Fair Lending (MFL) is a coalition devoted to reform measures that may end predatory payday lending in Minnesota. Exodus Lending is proud to participate hands with MFL once we battle for the typical aim of a 36% rate of interest limit with lovers over the state.
Veterans & Consumers Fair Credit Act
Under federal law, loan providers are prohibited from providing loans to active-duty armed forces people and their dependents with rates of interest greater than 36%. The Veterans & Consumers Fair Credit Act would expand credit that is current to pay for all consumers.
“Allow My People Get”
A 30-minute movie from the middle for accountable Lending following your way Southern Dakota took to cap short-term rates of interest at 36%.
Pew Charitable Trust Analysis
A 2012 research from Pew Charitable Trust discovered that an average of borrowers sign up for 8 pay day loans, of $375 each year, and invest $520 in interest.
What Exactly Is Payday Lending?
The buyer Financial Protection Bureau describes a payday loan as “a short-term, high-cost loan, generally, for $500 or less, that is typically due on your own next payday.”
Predatory Lending: A Week Ago Tonight
John Oliver (featuring Sarah Silverman) explains the predatory cycle of this payday financing industry in fifteen minutes of comedy*. **Contains explicit language
Home File 1501
On February 27, 2019 home File 1501, which will cap the short-term loan APR at 36 %, had been relocated ahead because of the House of Representatives Commerce Committee.