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Group pushes for lower annual interest rates for payday lenders


Nearly seven in 10 Iowans say they support a change in state law that would lower the maximum annual interest rates payday lenders could charge, according to a poll conducted by Iowans for Payday Loan Reform, a coalition of faith-based community organizations.

The poll was conducted by calling 407 registered Iowa voters.

The group plans to introduce a bill to the Iowa Senate that would cap payday lender fees at a 36 percent annual percentage rate.

“We have almost 100 percent agreement on that,” said Tom Chapman of the Iowa Catholic Conference in a press release. “The question should be raised: Why can’t we get that done?”

For a related story in the Business Record, click here.

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