A pair of state lawmakers want to lower interest rates for quick cash loans.
Green Bay Senator Dave Hansen and Kaukauna Representative Tom Nelson are calling on legislative leaders to move a bill forward that would put caps on what payday loan businesses can charge in interest. Hansen says payday lenders promote themselves as a convenient way to get some quick cash, but end up entrapping the poor into a cycle of high interest rates and bad financial situations.
Hansen says several other states have put laws on the books, and the payday loan stores now see Wisconsin as a safe haven.