WASHINGTON D.C., — The customer Financial Protection Bureau issued rules that are new pay day loans this week.
Customer advocates state the principles may help low-income individuals and families trapped in endless rounds of financial obligation.
The industry contends that pay day loans offer a choice for individuals dealing with unforeseen costs or financial emergencies. The principles could cripple the industry, which collected about $3.6 billion in charge income in 2015, based on the CFPB. (more…)