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Brand New Report Details Payday Lender Impact in Indiana

The Payday Loan business Spent at the very least $1.7 Million Influencing Legislators Considering a Bill to profit the Industry at the cost of Low-Income Hoosiers

A new report by Hoosier Action and national money-in-politics group Every Voice Center finds that the payday industry has spent at least $1.7 million to influence Indiana legislators over the past decade as Indiana lawmakers considered legislation backed by the payday loan industry to allow lenders to charge interest rates triple the size of what the state currently considers loanshark rates. The bill passed the Indiana home previously this month, yet appears dead into the Senate.

“Pure and simple, this legislation will allow payday loan providers to benefit from the backs of working families in Indiana, and also by wielding industry impact over our politicians, they nearly got away along with it,” said Kate Hess speed, Executive Director of Hoosier Action. “It’s time and energy to focus on guidelines that curtail the effectiveness of unique interests and present sound to hoosiers which can be everyday counter rich unique interests from swindling us as time goes on.”

“Payday loan providers committed to state lawmakers and had been seeking a big return on their investment at the cost of low-income Hoosiers,” said Tam Doan, analysis and Policy Director at each Voice Center. “Passing this bill out of the House demonstrated exactly just just how away from touch some lawmakers are utilizing the desires of the constituents. To be able to make sure our government work with every person, not only unique passions, we should end the reliance on big donors while making politicians more accountable with their very very own constituents.”

Key findings through the analysis include:

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