Sweeping brand brand new guidelines proposed Thursday because of the customer Financial Protection Bureau (CFPB) could upend the loan that is payday, which consumer advocates say often traps cash-strapped employees into a vicious period of borrowing.
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The number of times people can take out successive loans if enacted, the rules generally will require lenders to verify that borrowers can afford the loans and cap. The guidelines additionally would rise above payday advances to focus on other expensive short-term loans, including some high-interest installment loans and vehicle name loans. (more…)