CFPB Report on Payday Lending

Mar 28, 2014 by

CFPB Report on Payday Lending

When people find it hard to pay the rent or buy food for their family, sometimes they look to payday loans or internet loans for the solution. Unfortunately, doing that often makes their financial problems even worse. The federal Consumer Financial Protection Bureau released its study of the payday loan industry recently.  High interest rates (such as 400% interest) and the requirement to repay the loan quickly (such as two weeks) often traps the borrower into repeated payday loans. Filing a bankruptcy can help stop this vicious circle of high interest borrowing.

Read the report –  CFPB Data Points: Payday Lending