skip to main content

Tuesday, June 6, 2023

play newscast audioPlay

Lawmakers consider changes to Maine's Clean Election law, Florida offers a big no comment over "arranged" migrant flights to California, and the Global Fragility Act turns U.S. peacekeeping on its head.

play newscast audioPlay

A bipartisan effort aims to preserve AM radio, the Human Rights Campaign declares a state of emergency for LGBTQ+ people, and the Atlanta City Council approves funding for a controversial police training center.

play newscast audioPlay

Oregon may expand food stamp eligibility to some undocumented households, rural areas have a new method of accessing money for roads and bridges, and Tennessee's new online tool helps keep track of cemetery locations.

Coalition Launches to Push Back Against Predatory Lending

play audio
Play

Thursday, September 16, 2021   

INDIANAPOLIS -- A new coalition is forming to push back against predatory lending and urge state lawmakers to take action to protect consumers.

Indiana has 286 payday-loan storefronts, where people go to take out small loans with high interest rates, and borrowers are often low-income residents who cannot pay the loans back and get caught in a debt cycle.

Natalie James, one of the leaders of the Hoosiers for Responsible Lending coalition, said predatory lending has been an issue brewing for years, and she noted the pandemic has made many folks more financially insecure.

"We aim to send a message to our federal and state lawmakers that a pandemic is no time to allow lenders to take advantage of Hoosiers' financial distress," James asserted.

Among payday borrowers, 82% take out another loan within 30 days of paying off their previous one. James noted some states have reasonable caps on the annual percentage rate (APR), the overall cost of financing these loans, including fees, but Indiana is not one of them.

Andy Nielsen, another leader with the coalition, said they support legislation to cap the APR for payday loans at 36%. In Indiana, the current cap is 391%.

Nielsen explained, "36% APR has been a long-held rate that preserves a borrower's ability to repay, and allows lenders to still earn a profit."

Nielsen added payday loans drain $60 million a year in fees from Indiana consumers, and with a 36% APR cap, they could save millions of dollars.

Sixteen states plus D.C. have already implemented similar caps, and a study in North Carolina shows the absence of payday lenders has not impacted credit availability for low- and moderate-income families there.


get more stories like this via email
According to the Mars Veterinary Health study, nearly 41,000 additional veterinarians will be needed to meet the needs of companion animal health care by 2030. (Adobe Stock)

Environment

play sound

In Arizona, telemedicine is now not only available for humans but also for people's beloved animals. Last month Governor Katie Hobbs signed Senate …


Environment

play sound

Ruybal Fox Creek Ranch sits in a dramatic canyon in the foothills of southern Colorado's San Juan Mountains, right next to the Rio Grande National …

Health and Wellness

play sound

North Dakota officials are urging people receiving health coverage through a key public program to stay on top of their renewal if they are still elig…


According to the report, there was a 14% increase among Nevada seniors accessing high-speed internet between 2016 and 2021. (Adobe Stock)

Health and Wellness

play sound

Nevada has received an overall score of 43 in the nation for the health and well-being of its seniors in the state. According to the United Health …

Social Issues

play sound

A court hearing next week could help determine whether an eastern South Dakota mayor will face a recall election. Events are rare for this state…

A new measure in this year's report shows many older adults spent more than 30% of their income on housing. (Adobe stock)

Social Issues

play sound

Indiana ranks closer to the bottom of U.S. states where you will find healthy seniors living than the top, according to a new report. …

Social Issues

play sound

The last day of school for Texas kids is typically one of elation, but for children in rural areas with high poverty rates, it also can mean …

Environment

play sound

Virginia environmental advocates are not happy with the U.S. Supreme Court's recent decision on the Clean Water Act. The ruling in Sackett versus E-P-…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021