Council approves wording of petition for vote on payday loans

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LANSING, Mich. (AP) — A coalition has moved a step closer to getting voters to decide how Michigan should cap interest rates on payday loans.

Michiganders for Fair Lending on Tuesday won approval from the Board of State Solicitors for the wording of its proposed petition to bring the matter to 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 ban on fees on payday loans that total more than 36% APR.

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