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CFPB Takes Aim at Cash Advance Debt Traps

CFPB Takes Aim at Cash Advance Debt Traps

The payday loan industry has preyed on low-income workers by offering short-term loans with sky-high interest rates and fees for two decades. Now the five-year-old customer Financial Protection Bureau is using the first major actions to control the sector’s predatory methods.

Beneath the proposed laws announced this week, payday loan providers must be sure that a debtor are able to afford the mortgage and satisfy his / her major obligations and fundamental cost of living. The guidelines would additionally restrict how many times a loan provider may withdraw funds from the debtor’s bank-account without reauthorization after two attempts that are unsuccessful. The rules that are final anticipated to take impact in late 2017. […]

By |December 1st, 2020|payday loans for ssi recipients|0 Comments
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