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Put a Cap on Predatory Payday Lending

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WISDOM Religious Leaders Call on the State of Wisconsin to Rid our State of Predatory Lending
“While we are encouraged to see the Assembly working to curb the payday lending industry, without an interest rate cap these measures will not do enough to make an impact on the harmful effects these loans have on our communities.”                   -       Nancy Holmlund, WISDOM President
On Tuesday, February 9th members of the state legislature will announce a predatory payday lending bill that falls short of measures to enact sufficient regulation on an industry that has been allowed to engulf our state and take advantage of those with economic strains. While limiting rollovers and allowing only one loan to be drawn at a time will have an impact. There is great concern that the industry will find loopholes around the proposed legislation as has been demonstrated in other states across the country; without a rate cap, we are not guaranteed that the predatory lending practices of payday lenders will be ended.

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Predatory Payday Lending Talking Points

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