Testimony was heard Wednesday on proposed legislation to cap the rates that payday lenders in Michigan can charge, designed to prevent what was called “a debt trap by design.” Two bills were …
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In Michigan, there are some guardrails surrounding payday loans and lenders, which provide quick cash at high interest rates for short terms. What there isn’t, however, is a good scope of lender prevalence. New legislation seeks to collect statewide statistics.
A Michigan group began collecting signatures for a ballot proposal to limit interest and fees charged by payday lenders they said are trapping low-income borrowers in cycles of debt.