How we treat the most financially needy: Payday Lenders Gouge Borrowers with Rates As High as 391% APR
In 2021, Marion County payday loan borrowers paid more than $8.7 million in interest on their loans. If a 36 percent rate cap had been in effect, the cost to those borrowers would have totaled about $876 thousand, a reduction of $7.8 million. Plus! Conexus' Indiana’s Catapult program (pictured) provides critical job training allowing participants to qualify for better jobs at higher wage rates. The 160-hour program pays participants $15 per hour as they learn. Also, ZERO RECIDIVISM? Our job training gets everyone in this group employed!
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