A federal banking agency just announced that it is going to roll back vital restrictions on payday and vehicle title loans. Essentially, they are going to eliminate a rule that requires lenders to seek proof that the borrower is able to pay back the loan.

Payday lenders often take advantage of impoverished Americans who turn to them for small loans when they most need it.

These loans force people who are in bad financial situations into a situation that seems beneficial but is actually a vicious cycle of loans, renewals, and insane fees that ultimately lead to more debt.

The rule that the agency is proposing taking off the table is supposed to regulate payday lenders so that they aren’t in a trap of not being able to pay loans back and accruing interest at an insane amount.

Here’s how payday loans work:

Payday lenders typically offer small loans to borrowers who promise to pay the loan back in a short amount of time. Interest rates can be upwards of 390%. As many as 80% of these payday loans are rolled over into another loan within two weeks.

These are Americans like you and me that are being forced into a vicious cycle of debt. This has to change. Your signature can make that difference.