Petition Closed

Support A Federal 36% APR Cap On All Consumer Loans

Every year millions of hard-working Americans are trapped in a dangerous web of debt thanks to the predatory rates and tactics of deceitful and opportunistic high-cost lenders.  Whether it is a 391% payday loan, a reckless car title loan, a misleading refund anticipation loan or any other type of abusive short-term loan, the dangerous impact on the wealth and economic well-being of struggling families is always the same.

While there are many so-called reforms available to help struggling families avoid the cycle of debt created by these predatory short-term loans, the only real solution proven to spring the debt trap is a reasonable 36% APR cap.  Such rate cap will ensure that families can have access to fair and responsible small loans that will not lead them deeper and deeper into debt.  

The fact is that most short-term, high-cost lenders are able to operate as they do now because of loopholes carved out of existing state laws, based on the premise that these were emergency loans needed to help consumers through a difficult time. In reality, such predatory loans are not a legitimate credit alternative that helps borrowers out in a pinch. They are inherently flawed and harmful products that can turn a short-term shortfall into long-term financial ruin.   

Already fifteen states and the District of Columbia don’t provide short-term lenders a loophole from state usury caps and are able to maintain a more responsible small-dollar loan market. Moreover, in 2006, Congress provided protections from high-cost short-term loans for members of the military and their families, establishing a rate cap of 36 percent.  

The same protections established in those states and by the Pentagon should be extended to all American families through a federal rate cap of 36%. 
   
Are you ready to end high-interest consumer loans?  Sign this petition and support a federal 36% rate cap for all Americans.  Millions of struggling families are waiting for your support. 

Go to our website to learn more about the dangers of these loans.


Every year millions of hard-working Americans are trapped in a dangerous web of debt thanks to the predatory rates and tactics of deceitful and opportunistic high-cost lenders.  Whether it is a 391% payday loan, a reckless car title loan, a misleading refund anticipation loan or any other type of abusive short-term loan, the dangerous impact on the wealth and economic well-being of struggling families is always the same.

While there are many so-called reforms available to help struggling families avoid the cycle of debt created by these predatory short-term loans, the only real solution proven to spring the debt trap is a reasonable 36% APR cap.  Such rate cap will ensure that families can have access to fair and responsible small loans that will not lead them deeper and deeper into debt.  

The fact is that most short-term, high-cost lenders are able to operate as they do now because of loopholes carved out of existing state laws, based on the premise that these were emergency loans needed to help consumers through a difficult time. In reality, such predatory loans are not a legitimate credit alternative that helps borrowers out in a pinch. They are inherently flawed and harmful products that can turn a short-term shortfall into long-term financial ruin.   

Already fifteen states and the District of Columbia don’t provide short-term lenders a loophole from state usury caps and are able to maintain a more responsible small-dollar loan market. Moreover, in 2006, Congress provided protections from high-cost short-term loans for members of the military and their families, establishing a rate cap of 36 percent.  

The same protections established in those states and by the Pentagon should be extended to all American families through a federal rate cap of 36%. 
   
Are you ready to end high-interest consumer loans?  Sign this petition and support a federal 36% rate cap for all Americans.  Millions of struggling families are waiting for your support. 

Go to our website to learn more about the dangers of these loans.