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Cash for absolutely absolutely Nothing : Confessions of the Payday Lender: “I Felt Like a Modern-Day Gangster”

Federal regulators previously this thirty days revealed rules that are new at reining in payday loan providers plus the excessive fees they charge. Now be prepared to hear lots of just what one payday lender known as Phil Locke calls “the lies we would inform if we had been under assault.”

The rules that are new by the customer Financial Protection Bureau are relatively simple, if you don’t additionally a frustration for some customer advocates. a cash advance is|loan that is payday typically a two-week advance against a borrower’s next paycheck (or monthly social security allotment, for that matter); loan providers commonly charge $15 on every $100 lent, which works away to a yearly interest of very nearly 400 %. Читати далі…