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

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

Federal regulators early in the day this thirty days revealed rules that are new at reining in payday loan providers and also the excessive costs they charge. Now expect you’ll hear lots of just just what one payday lender called Phil Locke calls “the lies we might inform once we were under assault.”

The rules that are new by the customer Financial Protection Bureau are fairly 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 example); loan providers commonly charge $15 on every $100 lent, which works off to a yearly rate of interest of nearly 400 %. Continue reading Cash for absolutely Nothing : Confessions of a Payday Lender: “I Felt Like a Modern-Day Gangster”