Confessions of the Payday Lender: “I Felt Like a Modern-Day Gangster”

Confessions of the Payday Lender: “I Felt Like a Modern-Day Gangster”

F regulators that are ederal this thirty days revealed brand new guidelines directed at reining in payday loan providers therefore the excessive charges they charge. Now expect you’ll hear lots of just what one payday lender called Phil Locke calls “the lies we might inform if we had been under assault.”

The brand new rules established by the customer Financial Protection Bureau are fairly simple, if you don’t additionally a dissatisfaction for some customer advocates. a pay day loan is|loan that is payday} typically a two-week advance against a borrower’s next paycheck (or month-to-month social safety allotment, for example); loan providers commonly charge $15 on every $100 lent, which works off to an annual interest of nearly 400 per cent. Continue reading