brand New defenses for pay day loan borrowers are arriving

brand New defenses for pay day loan borrowers are arriving

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 new defenses are a required and good step that is first eliminating your debt trap that therefore often benefits from high-interest, predatory loans — and nowhere significantly more than Oklahoma, where we’ve the greatest pay day loan usage price within the country.

The protections that are new close up all use of high priced loans, however they will suppress the methods almost certainly to get borrowers with debt traps, with mounting costs and interest fees on loans they just cannot manage to pay off. Continue reading “brand New defenses for pay day loan borrowers are arriving”