Payday Loands

CFPB Finalizes Rule To Prevent Payday Debt Traps

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CFPB Finalizes Rule To Prevent Payday Debt Traps

Lenders Must Determine If Consumers Have the capacity to Repay Loans That Require All or all the debt to back be Paid at the same time

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today finalized a rule that is directed at stopping payday debt traps by needing loan providers to ascertain upfront whether individuals are able to afford to settle their loans. These strong, common-sense defenses cover loans that want customers to settle all or a lot of the debt at a time, including payday loans, automobile name loans, deposit advance items, and longer-term loans with balloon re payments. read more »