Proverbs 22:22 tells us to not take advantage of the poor or financially vulnerable just because they are in economic need. Unfortunately, this biblical principle is absent in many financial markets which results in many families being taken advantage of during times of financial crisis. Over the last several decades, high-cost lending to those in need has increased significantly. Nearly 16,000 payday and car title loan stores operate nationwide. Taking advantage of loopholes and a weakening of traditional usury laws, many of these lenders now offer loans at 300% APR and higher.

Far too often, the result is families trapped in a cycle of debt with even less ability to pay the bills, keep food on the table, save for the next emergency, or provide for their children. This is usury and our holy text states it is immoral.

The Veterans and Consumer Fair Credit Act (VCFCA) will establish an interest rate cap of 36% for all small dollar loans. This is an important step toward preventing harm caused by predatory lending practices. In addition, this rate cap has a proven track record. The Military Lending Act prohibits lenders from charging active-duty military servicemembers and their families more than 36% APR. The Veterans and Consumers Fair Credit Act would extend the Military Lending Act’s strong and successful interest rate cap to veterans and all Americans. It would not affect state rate caps that are lower and provide even greater consumer protection.

Take action today and urge Congress to support the Veterans and Consumer Fair Credit Act.