Alva Review-Courier -

Kansas proposal would payday loan interest at 36 percent


October 13, 2017

TOPEKA, Kan. (AP) — Kansas lawmakers are proposing a bill that would set a maximum interest rate for someone taking out payday or other short-term loans.

A joint legislative committee studying banking and insurance issues met Wednesday to consider the bill, which would cap the annual interest rate at 36 percent, the Wichita Eagle reported.

Supporters, such as Claudette Humphrey, have said the limit would help borrowers who are caught in a cycle of debt and are unable to get out. Humphrey is the director of stabilization services for Catholic Charities of Northern Kansas and oversees the K...

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