Michigan Dems championed capping payday lending interest to protect Michiganders from predatory lenders

LANSING — Today, Michigan Senate Democrats passed legislation that would cap interest rates on payday loans. Far too often, these lenders target our state’s most vulnerable communities, particularly in rural areas and communities of color. 

“Today, Michigan Senate Democrats took a vital step toward reining in predatory payday loan practices to protect Michiganders and their families,” said Chair of the Michigan Democratic Party Lavora Barnes. “Thanks to leaders like Senator Sarah Anthony, Michigan Dems in the Senate are holding payday lenders that prey on our most vulnerable communities accountable. By capping interest rates, we are protecting families and individuals from the most exploitative behavior of these predatory lenders.

“Since winning control of the legislature, Michigan Democrats have prioritized building an economy that grows the middle class and empowers working families. With payday lending reform, Michigan Democrats are continuing to deliver a fairer, more just economy, where everyone can make it in Michigan.”

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