Without a doubt about Federal bill would cap loan interest for customers

Wisconsin Republican Grothman joins Democrats in sponsoring legislation to discharge borrowers from ‘debt trap’

Wisconsin Congressman Glenn Grothman (R- Glenbeulah ) introduced bipartisan legislation this week along side a few modern co-sponsors that geared towards protecting customers from predatory loan providers.

“Just on its face, where you are interest that is getting up over 300%, it is immoral,” Grothman said in a phone press meeting on Tuesday to mark the development of the bill. Citing a research utilized in planning when it comes to bill, he included, among “anybody age 22 to 53, 13percent associated with public that is american removed an online payday loan within the last few 2 yrs. Continue Reading