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Is Legislation the response to America’s Cash Advance Addiction?

Friday, September 25th, 2020

Is Legislation the response to America’s Cash Advance Addiction?

(Photo: Thomas Hawk/Flickr)

The other day, the customer Financial Protection Bureau, the federal watchdog agency faced with protecting Americans from monetary exploitation, proposed long-awaited new laws regarding the lending industry that is payday. Beneath the brand brand brand new laws, payday loan providers will be expected to confirm an ability that is applicant’s re-pay that loan without re-borrowing at the conclusion associated with the loan duration. The proposed regulations simply simply take aim at a particularly devastating payday financing practice. Whilst the rates charged on a regular two-week cash advance are painfully high (though, on an annualized portion foundation, they’re less than the overdraft costs charged by banking institutions), the actual dilemmas frequently start when borrowers aren’t able to cover the loan back at the conclusion of this two-week period and sign up for another loan, with extra costs. (more…)