Help reduce Iowa’s payday loan interest rates

To the Editor,

     Everyone needs to borrow money, whether it’s for unexpected healthcare costs, utility bills or other basic items. But not everyone is treated the same.

     Have you ever borrowed $200 or $300 at interest rates of 350 to 400 percent?

     Probably not. You have better alternatives.

     Things are different, however, when lower-income working Iowans need to borrow $200 or $300. They actually pay triple digit interest rates to 350 to 400 percent because that’s what Iowa lawmakers allow the “payday loan” industry to charge!