Veterans and Consumers Fair Credit Act

The Veterans and Consumers Fair Credit Act (S. 2508) would establish a national interest rate cap of 36% on most consumer loans, including payday, auto title, and installment loans. This legislation extends the same protections currently granted to active-duty service members under the Military Lending Act to all veterans and the general public. If passed, the bill would effectively prohibit lenders from charging triple-digit interest rates, which are currently legal in many states.