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 very first major actions to suppress the sector’s predatory methods.

Underneath the proposed laws announced this week, payday loan providers must be sure that a debtor are able to afford the mortgage and satisfy their major obligations and fundamental cost of living. Continue reading “CFPB Takes Aim at Cash Advance Debt Traps”