Sen. Lee Heider, R-Twin Falls, is planning to introduce legislation to regulate payday loan companies, the Twin Falls Times-News reports. Heider joined members of the Idaho Community Action Network for a press conference yesterday to announce the push, which would cap loan interest rates at 36 percent, and force full transparency on the terms of the loan. Heider said rates now can inflate to as high as 500 percent. “That’s absolutely, totally ridiculous,” he said. Heider said he learned of the problem when one of his employees struggled after taking out a high-interest payday loan/Betsy Russell, Eye on Boise. More here.
Question: Do you know someone who is/was caught in the quagmire of payday-loan interest rates?