Category Archives: mass payday loans

Brand Brand New Rules To Ban Payday Lending ‘Debt Traps’

The buyer Financial Protection Bureau on Thursday is proposing brand new laws to protect customers from predatory financing methods that the CFPB’s top regulator calls “debt traps.”

Americans are being “create to fail” by payday and lenders that are auto-title Richard Cordray, the manager regarding the customer Financial Protection Bureau, informs NPR.

“the way in which the products are organized, it is rather tough to repay the mortgage, and so people wind up borrowing over and over and having to pay a lot more in costs and interest than they borrowed into the place that is first” Cordray states. Continue reading