December 11

Nj Consumer Protections Continue Important As CFPB Proposes to Gut 2017 Payday Lending Rule

Nj Consumer Protections Continue Important As CFPB Proposes to Gut 2017 Payday Lending Rule

New Jersey Usury Cap Holds Loan Sharks from increasing

Newark — customers in states burdened by predatory payday lending are reeling using this week’s statement that the customer Financial Protection Bureau (CFPB) intends to gut its 2017 Payday Lending guideline. Happily, nj-new jersey currently gets the many protection that is effective spot, a 30 % limit on annual rates of interest for pay day loans. This cap saves nj families almost $350 million in abusive payday and automobile name loan charges per 12 months.[1]

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