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Board approves language for payday loan ballot petition

On The Money NerdWallet High Interest Loans
Posted at 11:37 AM, Dec 15, 2021
and last updated 2021-12-15 11:37:43-05

LANSING, Mich. (AP) — A coalition took a step closer in its effort to have voters decide how Michigan should cap interest rates on payday loans.

Michiganders for Fair Lending on Tuesday won the approval of the Board of State Canvassers for the language on its proposed petition to put the issue on the November 2022 ballot.

Payday loans are short-term loans with high interest rates.

The coalition says payday loans can cost borrowers dearly and trap them in a cycle of debt.

The petition calls for a prohibition on fees on payday loans that total more than 36% APR.