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The payday lending industry might be entirely destroyed while the credit card industry would be significantly altered by a 15 percent rate cap.

The master plan would ban loans that are payday

“Payday” loans are basically short-term loans (the theory is you’re fronted a small amount of money for per week or two until the next paycheck clears), which carry rates of interest that sound reasonable within the context that is short-term ten percent over fourteen days, state, plus some charges. However in annualized terms, these loans carry a normal rate of 391 per cent, plus in some situations soar far more than that.

This industry features a bad reputation among avid customers of progressive media — mom Jones’s Hannah Levintova characterized the avoid Loan Sharks Act being a crackdown on “predatory interest prices,” while Sarah Jones at brand New York mag stated Sanders and Ocasio-Cortez were teaming up “against businesses that prey in the bad.”