Federal crackdown on abusive pay day loans could backfire in nyc

Federal crackdown on abusive pay day loans could backfire in nyc

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The federal watchdog agency for customer lending options simply released a draft of nationwide guidelines when it comes to payday lending industry. These rules are a welcome first step toward reining in payday lenders, whose busine model involves charging an average of 300% annual interest, mainly to low-income people who can least afford those predatory rates in most states. Continue reading “Federal crackdown on abusive pay day loans could backfire in nyc”