Although the government has passed legislation regulating the operation credit card companies, many of America's most vulnerable citizens fall victim to the horrible practice of "payday" or short term loans.
These loans are often the last resort of America's working poor and the elderly who need a small amount of money to pay rent or an unexpected medical bill. Many of these companies charge exorbitant interest rates, in some cases exceeding 1000 percent. These companies make it impossible (or very difficult) to pay off the original balance on the loan. As a result, those who are most in need are often wiped out by such dishonest practices. These loans pray on the desperation of others and must be stopped.
We are asking for a federal restriction to cap the interest rates on these loans.