Lenders Must Determine If Consumers Have the Ability to Repay Loans That Require All or the majority of the Debt become Paid straight back at the same time
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today finalized a rule this is certainly directed at stopping debt that is payday 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 need customers to settle all or a lot of the financial obligation at the same time, including payday advances, car name loans, deposit advance services and products, and longer-term loans with balloon re re payments. Continue reading “CFPB Finalizes Rule To Cease Payday Debt Traps”