Payday Loan Rates – Beshear: Cap on payday loan rates
Beshear said thousands of Kentuckians who have fallen on hard times are turning to payday lenders to put food on the table.
The 36 percent cap is consistent with the limit the federal government imposed two years ago on loans to military personnel and their families.
The General Assembly approved a moratorium earlier this year to prevent new payday lenders from opening in Kentucky. The state now has 743 payday lenders.
Tres Watson, spokesman for the Community Financial Services Association of America, said a cap will drive lenders out of business.
source here.
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