Brand Brand Brand New Rules Seek To Rein In Predatory Payday Lending, But Will They Work?

Brand Brand Brand New Rules Seek To Rein In Predatory Payday Lending, But Will They Work?

Loan Rollover Alternatives

The CFPB’s rules are intended to prevent borrowers from falling into the trap of repeatedly taking out high-cost loans in quick succession while some consumers may have a legitimate need to rollover their short-term loans.

To take action, the Bureau has established needs for justifying extra loans, which makes it hard for loan providers to push troubled borrowers into re-borrowing or refinancing the exact same financial obligation. (more…)

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