December 23

The CFPB Finds Payday and Deposit Advance Loans Can Trap Consumers with debt

The CFPB Finds Payday and Deposit Advance Loans Can Trap Consumers with debt

Sustained Usage Of Loans Raises Consumer Protection Concerns

WASHINGTON, D.C. —Today, the buyer Financial Protection Bureau (CFPB) issued a report on payday and deposit advance loans discovering that for a lot of customers the products trigger a period of indebtedness. Free financing standards, high expenses, and loan that is risky may play a role in the suffered use of the products that can trap borrowers with debt.

The report unearthed that payday advances therefore the deposit advance loans made available from a tiny but number that is growing of as well as other depository organizations are usually comparable in framework, function, additionally the customer protection issues they raise. Both are usually referred to as method to bridge an income shortage between paychecks or other earnings. Continue reading

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