Grand Rapids, MI – March 15th, 2024 – Project GREEN (Grassroots Economic Empowerment Network), a Grand Rapids-based non-profit dedicated to financial empowerment, applauds the Michigan State Senate for passing Senate Bill 632, which caps the Annual Percentage Rate (APR) on payday loans at 36%.

“Predatory payday loan practices have long trapped Michiganders in a cycle of debt,” said Dallas Lenear, Executive Director at Project GREEN. “This critical legislation is a major step forward in protecting vulnerable communities and promoting financial well-being.”

Current payday loan practices often lead to excessive fees and sky-high APRs exceeding 370%. This excessive burden forces borrowers to take out new loans simply to repay existing ones, creating a vicious cycle of debt.

Project GREEN urges the Michigan House of Representatives to swiftly consider and pass the bill.
This legislation represents a significant step towards ensuring financial fairness and promoting economic stability for Michigan families.