On Thursday, federal regulators issued proposed guidelines that will drastically rein in access to pay day loans
On Thursday, federal regulators issued proposed guidelines that could drastically rein in access to pay day loans and restrict predatory practices completed by loan providers. Pay day loans, which offer borrowers with fast access to money, are commonly criticized due to their ultra high rates of interest and quick payment periods. Borrowers frequently can not manage to spend them straight straight back therefore find yourself taking right out brand new loans and getting stuck in a period of debt.
The Consumer Financial Protection Bureau would require lenders to consider a borrower’s ability to repay the loan by checking their income, borrowing history and important financial obligations under the proposed rules. (더 보기…)