Opinion: Capping payday loan rates is bad news for those who need them

Kent Kaiser

Late last year, the so-called "Michiganders for Fair Lending" launched a ballot initiative that would do anything but make lending fairer in Michigan. They’ve named this monstrosity the “Michigan Payday Loan Interest Rate Cap Initiative,” which would likely drive Michigan lenders out of business, harming working-class Michigan residents in the process.

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