For too long, predatory lenders have gotten away with trapping consumers in vicious cycles of debt.
Most commonly, this happens through high-cost loans such as payday, installment or auto title loans. Marketed as fast cash that can be applied for in minutes, but often carrying triple digit interest rates, these loans are debt traps, plain and simple.
To better protect consumers from these predatory practices, PIRG is working to pass bipartisan legislation called the Veterans and Consumers Fair Credit Act (VCFCA). The bill would extend existing protections from predatory interest rates that exist for active duty service members by capping annual rates at 36% APR for all consumers, including veterans.