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 brand brand new defenses are an essential and good first faltering step in eliminating your debt trap that therefore often results from high-interest, predatory loans — and nowhere significantly more than Oklahoma, where we possess the greatest cash advance usage price into the country.

The brand new defenses won’t close up all usage of high priced loans, nevertheless they will control the methods almost certainly to get borrowers with debt traps, with mounting costs and interest costs on loans they just cannot manage to pay off. Continue reading “brand New defenses for pay day loan borrowers are arriving”