Join Us
Publications
New Yorkers Overwhelmingly Support Cracking Down on Predatory Lenders
Rachel Swaner
Summary:
New Yorkers overwhelmingly support proposed legislation that would close loopholes allowing lenders to circumvent the state’s 25 percent interest rate cap. In a poll of 4,000 New Yorkers statewide, among those who expressed an opinion, 88 percent support the End Loan Sharking Act (S1726-Brouk/A4918-Raga). The poll found consistent support across party affiliation, geography, income levels, and race/ethnicity.
This broad consensus comes at a critical moment. As many financial technology companies—or “fintech” for short— have increasingly exploited legal loopholes to charge exorbitant rates, New Yorkers across the economic spectrum recognize the need for stronger consumer protections.
Issues: Economic Mobility & Security
Download PDF
