Category Archives: government help with payday loans

brand New defenses for cash advance borrowers are coming

brand New defenses for cash advance borrowers are coming

The Consumer Financial Protection Bureau this month issued a final rule to create new protections for payday loan borrowers after years of research and public consultation. These brand brand brand new defenses are a required and positive step that is first eliminating your debt trap that therefore often results from high-interest, predatory loans — and nowhere significantly more than Oklahoma, where we now have the greatest pay day loan usage price when you look at the country.

The protections that are new shut down all use of high priced loans, nevertheless they will control the methods probably to get borrowers with debt traps, with mounting costs and interest costs on loans they just can’t manage to pay off. Continue reading brand New defenses for cash advance borrowers are coming