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Proposed legislation would cap Michigan payday loan interest rates

New legislation introduced in Lansing would put an interest rate limit on predatory payday loans. The two bills would cap rates at 36% APR which would bring Michigan in line with 20 other states. In Michigan, 70% of payday borrowers borrow on the same day they pay off a previous loan, and they say payday lending drains millions from Michigan’s economy each year. The Michigan Coalition for Responsible Lending supports this legislation.