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New pay day loan rules: what you should understand

Posted on January 20, 2020. Filed under: Cash For Title Loans |

New pay day loan rules: what you should understand

WASHINGTON D.C., — The customer Financial Protection Bureau issued new rules on payday advances this week.

Consumer advocates state the principles may help low-income individuals and families caught in endless rounds of financial obligation.

The industry contends that payday advances offer a choice for folks dealing with unforeseen costs or emergencies that are financial. The principles could cripple the industry, which collected about $3.6 billion in charge income in 2015, in accordance with the CFPB.

Here’s what you should realize about pay day loans and also the regulations that are new.

Exactly what are pay day loans? (more…)

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