Rhode Island Payday Lending Reform Coalition

Economy
9:16 am
Tue February 4, 2014

Efforts To Curb Payday Lending At The Statehouse Once Again

The issue of payday lending has come up many times in recent years at the general assembly.
Credit RIPR FILE

Legislation dealing with payday loans is once again working its way through the general assembly.

This is the latest of several attempts in recent years to curb payday lending in Rhode Island at the Statehouse.

The controversial practice offers quick loans, but they often come with interest rates that can soar to more than two-hundred fifty percent.

At the Statehouse, Representative Frank Ferri, and Senator Juan Pichardo announced they’ll introduce legislation capping payday loan interest rates at thirty six percent.

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RI News
6:05 pm
Wed March 27, 2013

Rally Held for Changing Payday Lending in RI

Credit John Bender / RIPR

Supporters of Payday Lending Reform held a rally at the State House this afternoon.

The legislation would cap the annual interest rate of Payday Loans at 36 percent.  Similar legislation has come before the State House for the past three years only to be defeated.

Margaux Morisseau, the co-chair of the Rhode Island Payday Reform Coalition, believes this year is different.

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Politics
8:41 am
Wed March 27, 2013

Supporters Plan to Rally for Payday Loan Reform

The debate over payday lending is set to begin anew with a Statehouse rally Wednesday afternoon.  Efforts to reduce the annual interest charged by payday lenders have died on Smith Hill for the last two years.

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.

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.

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