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

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

A federal watchdog agency is breaking straight down on payday lenders along with other expensive types of short-term credit. Payday advances can hold interest levels of 300 per cent or even more. Even though they are typically marketed in order to tide borrowers over ’til their next paycheck, many individuals end up needing to renew the loans over and over. The buyer Financial Protection Bureau desires to stop all that having a proposed guideline it’s unveiling today.