Category Quick Installment Loans Online

Consumers may lose defenses in proposed payday financing changes

The Consumer Financial Protection Bureau is proposing changes to regulations that protect borrowers from being trapped in long-term debt in a major win for the payday lending industry which gives quick loans at exorbitant interest rates. Ken Sweet, Associated Press’ company reporter, joins Hari Sreenivasan for lots more.

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Hari Sreenivasan:

Payday financing. It’s an industry that is enormous fees excessive interest levels for fast loans — often to people who have dismal credit reviews. A week ago, the buyer Financial Protection Bureau moved to abolish a few of the laws made to protect borrowers. I talked with Associated Press business reporter Ken Sweet about payday lending and their reporting on feasible changes to customer security laws.

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