Catholics leaders in US call for nationwide restriction on cash advance interest

Catholics in america are pressing for the nationwide, bipartisan bill that could restrict the attention price on payday and vehicle title loans.

“Payday financing is present day usury. These short-term, high-interest loans prey on the monetaray hardship of bad and susceptible customers – all in the interests of big earnings, which just come whenever customers fail,” the Montana Catholic Conference stated in a Feb. 12 declaration.

“This training straight contradicts our Catholic knowing that the part for the economy is always to provide individuals, maybe not one other means around.”

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