The League of Women Voters of Wisconsin Education Fund supports the adoption of the Predatory Lending Consumer Protection Act (AB 392) that interest rates on dollar loans would be cut down to 36 percent lower in April. The League is in support of AB 392 can be heard at the October 7 hearing of the Joint Committees of the Assembly Financial Institutions and Consumer Protection.
In a year-long study of payday lending in Milwaukee County in 2006 and 2007, is the current set of interest and costs of a small loans were excessive. The League has also concluded that there are options to be April 13-16 percent of credit unions that have responded to the need of dollar loans small amount and have a much more reasonable rate. Without the CAP on interest rates, a few people in Wisconsin, the payment of more than 300 per cent stake in April, the league said. To make matters worse, these loans will lead to an estimated $ 168.6 million, leaving the state's economy each year to enrich the out-of-state owners of payday lenders, said the league.
Some Borrowers pay as much or more importance than the original loan amount.
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