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Exactly What consumers must know concerning the guidelines proposed for pay day loans

Exactly What consumers must know concerning the guidelines proposed for pay day loans

Sweeping brand brand new guidelines proposed Thursday by the customer Financial Protection Bureau (CFPB) could upend the pay day loan industry, which consumer advocates say usually traps cash-strapped workers in to a vicious period of borrowing.

The number of times people can take out successive loans if enacted, the rules generally will require lenders to verify that borrowers can afford the loans and cap. The principles additionally would rise above pay day loans to a target other expensive short-term loans, including some high-interest installment loans and vehicle name loans. Continue reading Exactly What consumers must know concerning the guidelines proposed for pay day loans