Big Bend faith leaders calling for cap on pay day loan interest rates

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By: Capitol News Service
September 26, 2017

TALLAHASSEE, Fla. (CNS) -- Church leaders in the Capital City rallied on Tuesday for better consumer protections.

As part of those protections, leaders are proposing a constitutional amendment to put caps on interest rates for pay day loans.

Multiple denominations joined together, saying many in their congregation are falling into debt after taking these loans.

The proposal is a 30 percent cap, and they say it's one way to help the area's most financially vulnerable.

"In 2015 alone, these predatory practices cost families in our state more than $300 million. This is immoral," said Reverend Rachel Gunter Shepard of the Cooperative Baptist Fellowship of Florida.

No members of the Constitutional Revision Committee have endorsed the proposed change.

Currently, there is no cap on interest rates on pay day loans.

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