The federal watchdog agency for customer financial loans simply released a draft of nationwide guidelines for the payday financing industry. These rules are a welcome first step toward reining in payday lenders, whose business model involves charging an average of 300% annual interest, mainly to low-income people who can least afford those predatory rates in most states. In nyc, but, we must defend our already-strong payday loans Missouri consumer defenses.
Like 13 other states together with District of Columbia, ny imposes a cap on interest levels, which makes it impossible for payday loan providers become lucrative. State regulatorsвЂ”recognizing the risk posed by these predatory loansвЂ”have been aggressive about preventing lenders that are payday utilizing loopholes like running from tribal lands or higher the online world. (بیشتر…)