Rhode Island Payday Lending Reform Coalition http://ripr.org en Efforts To Curb Payday Lending At The Statehouse Once Again http://ripr.org/post/efforts-curb-payday-lending-statehouse-once-again <p>Legislation dealing with payday loans is once again working its way through the general assembly.</p><p></p><p></p><p>This is the latest of several attempts in recent years to curb payday lending in Rhode Island at the Statehouse.</p><p>The controversial practice offers quick loans, but they often come with interest rates that can soar to more than two-hundred fifty percent.</p><p>At the Statehouse, Representative Frank Ferri, and Senator Juan Pichardo announced they’ll introduce legislation capping payday loan interest rates at thirty six percent.</p> Tue, 04 Feb 2014 14:16:45 +0000 John Bender 28666 at http://ripr.org Efforts To Curb Payday Lending At The Statehouse Once Again Rally Held for Changing Payday Lending in RI http://ripr.org/post/rally-held-changing-payday-lending-ri <p>Supporters of Payday Lending Reform held a rally at the State House this afternoon.</p><p></p><p>The legislation would cap the annual interest rate of Payday Loans at 36 percent.&nbsp; Similar legislation has come before the State House for the past three years only to be defeated.</p><p>Margaux Morisseau, the co-chair of the Rhode Island Payday Reform Coalition, believes this year is different.</p> Wed, 27 Mar 2013 22:05:25 +0000 John Bender 12673 at http://ripr.org Rally Held for Changing Payday Lending in RI Supporters Plan to Rally for Payday Loan Reform http://ripr.org/post/supporters-plan-rally-payday-loan-reform <p></p><p>The debate over payday lending is set to begin anew with a Statehouse rally Wednesday afternoon. &nbsp;Efforts to reduce the annual interest charged by payday lenders have died on Smith Hill for the last two years.</p><p></p><p>The mayors of Warwick, Cranston, Central Falls and Woonsocket are expected to take part in the rally being staged by the Rhode Island Payday Lending Reform Coalition.</p><p></p><p>Pay day loans are capped at $500, and are supposed to be paid back within two weeks. The annual interest rate on those loans can amount to 260 percent.</p><p></p> Wed, 27 Mar 2013 12:41:34 +0000 Ian Donnis 12627 at http://ripr.org