New Law To Lower Interest Rates On Payday Loans In Effect by Simpson Michael J. The new law goes into effect on Feb. 1 that lowers it to 36%.. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window) Related See more Previous article Asset-based Business Loans Next article Perks of Applying for Debt Consolidation Loan Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email.