Payday Lending Campaign Needs You – Take Action

28 01 2010

2010 General Assembly Pushed to Cap Payday Loans at 36%

KY Consumers Can’t Afford to Wait for Real Protections.  Take Action – Make a Difference!

Payday loans cost Kentucky families too much. The Kentucky Coalition for Responsible Lending supports a cap on payday loan interest rates at 36 percent APR—just like Congress passed to protect our military families.

State Capitol - Frankfort, KY

State Capitol - Frankfort

You can help protect Kentucky families from the payday loan debt trap by calling your state lawmaker today.

 Ask your legislators to:

  • support the 36% payday loan rate cap
  • become a co-sponsor of House Bill 381
  • ask Rep. Jeff Greer to give House Bill 381 a fair hearing in the Banking & Insurance Committee

Call – Senators and Representatives toll-free on the Legislative Message Line:

1-800-372-7181 • TTY Messages 1-800-896-0305 • En Español 1-877-287-3134

LRC Message Center is open:  Monday – Thursday (7:00 a.m. – 11:00 p.m.) & Friday 7:00 a.m. – 6:00 p.m.

Find your legislators online: www.lrc.ky.gov Send email to legislators http://www.lrc.ky.gov/whoswho/email.htm

More background:

The Kentucky Coalition for Responsible Lending now includes over 60 Kentucky organizations.  Click here to see facts sheets and personal stories on our 2010 General Assembly resources page. Some of the highlights:

Over 40 % of borrowers believe payday loan interest rates are less than 30% APR, when in fact rates in Kentucky are at least 391% APR—and often exceed 400%

Nationwide, 9 out of 10 payday loans are made to repeat borrowers who take out nine or more payday loans in a year—a “cycle of debt”

There are alternatives:  traditional small loans—at 36% or less—from consumer finance companies increased by nearly 40 percent after the rate cap was enacted in North Carolina.

Learn more about payday loans and find us on Facebook at  http://www.facebook.com/kyresponsiblelending

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