The Federal Government needs to regulate predatory payday loan company APRs

Help create a grassroots movement to bring awareness to the harm of payday and auto-title loans. Most of us are likely unaware of: the deep, dark world of predatory lending.

At first glance, this type of lending, commonly known as payday loans, seem like a quick solution to an unexpected problem. You get the money, your initial problem is fixed, and then you pay back the lenders by payday. Thing is, they come with astronomical interest rates—some has high as 1,900 percent—and added fees if you don’t pay off the loan on time. It can turn into an endless circle of even more debt.

It’s an industry full of awful sob stories, and it’s become enough of a financial epidemic that some states have tried to take legislative action against major payday loan companies.

The Federal Government needs to step in and make APR rules at the Federal level that every state must enforce.