Property News · January 22, 2018

'Legalized loan sharking': payday loan customers recount their experiences


The Consumer Financial Protection Bureau has ordered a review of rules on short-term loans. Three customers say companies lured them into a trapMick Mulvaney, White House budget director and interim director of the Consumer Financial Protection Bureau, recently announced a review of rules on payday loans. Payday loan companies focus on the needy, often operating out of strip malls or corner stores. Interest can be 300%, plus fees. Borrowers often hand over post-dated checks which are cashed if they do not repay on time. Continue reading…

Source : theguardian.com
Read more…‘Legalized loan sharking’: payday loan customers recount their experiences