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Catholics Call for Payday Loan Reform

Posted: Thursday, January 7th, 2010 at 5:52 am

press play to hear from Fr. Paul Appel at St. James in Washington

The Iowa Catholic Conference is calling for payday loan reform. They are urging the legislature to limit the interest rates to 36 percent. On average, Iowans who take out one payday loan, end up with twelve loans with interest rates approaching or exceeding 400 percent. Father Paul Appel with Saint James in Washington says it seems like it’s a justice issue and charging a fair interest rate is one thing, but charging above and beyond any kind of profit making is going beyond what people should be doing to make a living. He says they are making a profit off of someone else’s need.