Payday loans can provide a quick cash option for people who may be experiencing financial troubles or a pressing emergency. At the same time, though, they also come with extremely high interest rates that trap borrowers in a cycle of debt.
In 2006, Congress passed the Military Lending Act, which capped interest rates on payday loans for America’s active-duty service-members. New legislation introduced by U.S. Representative Glenn Grothman, a Republican from the 6th District, would extend that cap to all Americans.
WORT producer Shaun Soman spoke with Grothman earlier today.