Families in Hawaii can be charged up to 459% APR on Payday Loans. Payday Loans are aggressively marketed and can lead local families into a cycle of debt that can trap them for months or more. This is called "usury" and hurts local working families who take these loans.
The federal government protects all military families from interest rates over 36%, shouldn't our local families have the same protections? And 18 states and DC either cap these loans at 36% or have banned them altogether.
Please take a vote on the 36% cap for Hawaii's families (SB737) this week, it got deferred last month without a vote. And please do not replace the 36% cap with a study or a "cooling off period". We need real reform now.
Please help us!
Why is this important?
I would be so sorry to see a tiny special interest which preys on the poorest and weakest working families remain free of any controls for another year. I'd really hate to see a study or commission in place of a real reform.
