Hundreds of people in Tuscaloosa flocked to Calvary Baptist Church on the night of August 11 to advocate for a limit on the interest rates of payday loans, The Tuscaloosa News reported.
According to reports, more than 200 people showed up to urge the state’s lawmakers to cap the interest rates that pay day loan lenders can charge. Center for Ethics and Social Responsibility’s director and founder Stephen Black urged those who were in the rally to message their corresponding state legislators to limit the annual interest rate of payday loans to 36 percent. The group, organized by members of Tuscaloosa Citizens Against Predatory Practices (T-CAPP), is hoping that their move will be considered by legislative bodies in their convention next year. Policy analyst Stephen Stetson said as it stands, Alabama borrowers can end up facing interest rates up to 456 percent from taking out new loans to pay off the old ones.
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