Tell Gov. DeSantis: Protect Consumers from 36% Predatory Interest Rate Loans: Veto SB 580
A group of high-interest loan companies that target low- and middle-income consumers want to charge even higher interest rates. The Florida Financial Services Association represents the high-interest loan companies and is supporting the legislation to weaken consumer protections in Florida. The loan companies are trying to abolish Florida's tiered interest rate structure and replace it with a flat rate of 36%.
|
Tiered loan amount |
Current Interest rate |
SB 580 proposed interest rate |
|
$0- $3000 |
30% |
36% |
|
$3001 - $4000 |
24% |
36% |
|
$4001 - $25,000 |
18% |
36% |
We need to protect consumers from high interest, predatory loans
Senate bill 580 is proposing a change to the law that would allow loan companies, including OneMain Holdings Inc., Oportun Financial Corp., and Mariner Finance LLC, to charge a 36% interest rate on loans valued up to $25,000. The Florida Financial Services Association, which represents the lenders, donated $190,000 in 2022 to politicians from both political parties to gain support for Senate Bill 580. Consumer loans under $25,000 are not subject to Florida usury laws, which limit interest rates to 18%. We need to send a clear message to lawmakers, no high interest loans!
Write Gov. DeSantis: Tell him we need more protections from predatory lenders, not higher interest rates!
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