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Bill in Congress to cap rates of interest on pay day loans strikes house for Texans

Bill in Congress to cap rates of interest on pay day loans strikes house for Texans

Published: Nov 29, 2019 / 10:49 AM CST / Updated: Dec 2, 2019 / 12:30 PM CST

AUSTIN (Nexstar) — Just over this past year, Basil Perkowski along with his spouse took down a payday loan to pay for their emergency dental work.

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“I experienced developed a severe disease from a dental problem,” he said. “I became planning to need to go right to the er for sepsis. It had been that close.”

Perkowski didn’t have dental insurance coverage and states he and their spouse were not able to cover the total quantity for their dental work. The bucks loan they obtained seemed workable during the time – six repayments of $691.

“After about four repayments, I’d called the mortgage destination and desired to know very well what my payoff could be,” Perkowski said.