New 50-State Survey Finds Losses for Indiana Consumers in Larger, Longer High-Cost Predatory Loans
FOR IMMEDIATE RELEASE
June 4, 2021
Contact: Jessica Fraser, Indiana Institute for Working Families, jfraser@incap.org; Jan Kruse, National Consumer Law Center, jkruse@nclc.org
New 50-State Survey Finds Losses for Indiana Consumers in Larger, Longer High-Cost Predatory Loans
INDIANAPOLIS – A high-cost predatory loan is only made worse when the loan is larger and longer. But while residents in some states are gaining protections from these larger, longer-term products, Hoosiers are now paying more than before the COVID-19 crisis, according to a new report from the National Consumer Law Center. This report builds on NCLC’s extensive work on predatory lending.
“The Institute and Prosperity Indiana have been working to educate policymakers and the public about how harmful these high-cost loans are to financially vulnerable Hoosiers. This research will help us advance the 36 percent rate cap Hoosiers desperately need,” said Jessica Fraser, Director of the Indiana Institute for Working Families.