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Chapter 13 Payday Loans

Let me make it clear about brand New Payday Loan Rules

Let me make it clear about brand New Payday Loan Rules

Where do lower-income Americans turn when up against instant bills with no cash with which to pay for them? Many look to the cash advance industry, that offers short-term loans in return for charges and high rates of interest. These loans are often $500 or less and they are called “payday” loans as the debtor is anticipated to cover it back upon receipt of the next paycheck.

Based on the customer Financial Protection Bureau (CFPB), the pay day loan industry is benefiting from their vulnerable client base, trapping a lot of customers in a consistent period of renewing loans they simply can not pay back.