Local working families here on Maui have their credit destroyed and their lives damaged when payday lenders charge 459% annual percentage rate interest on the loans they make! Many states have capped this interest rate at 36%, as has the Federal Government for military families.
Please hold a hearing on this bill, and protect our people by capping the interest rates on these kinds of loans.
Why is this important?
I know people whose credit was destroyed by these loans. I am very worried that Rep. Justin Woodsen, under pressure from the payday lenders lobbyists, will kill the bill by failing to call the hearing.
