Regulators prepare brand brand new rules about pay day loans

The authorities announced Thursday brand brand new intends to crack straight down on pay day loans and tighten protections for the low-income borrowers who use them.

Meant as a short-term method to escape monetary jam, the customer Financial Protection Bureau (CFPB) states pay day loans can be ???debt traps??? that harm many people in the united states.

The proposals being revealed would connect with different small-dollar loans, including pay day loans, car name loans and deposit advance items. Read more →