As many states have increased their regulatory oversight of so-called “payday” lenders, much of the industry’s high-interest loan making has migrated to the comparatively lawless space of the Internet. A bill sponsored by Senator Dick Durbin (D-IL) seeks to change that by imposing an interest cap on loans of 36%. This compares with annual percentage rates above 700 percent for many of the predatory loans payday online lenders are marketing to needy Americans.

Sensing a mortal threat, industry players have rallied together under the shadowy guise of the Online Lenders Association to lobby against the proposed bill, one which many Democrats are reluctant to support. ANP examines the dire situation of the Redford family in southern Virginia to illustrate the real stakes in the payday lending debate.

—Corbin Hiar

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