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Pay day loans, car name loans face tough brand new crackdown

Pay day loans, car name loans face tough brand new crackdown

Pay day loans would be seriously limited under brand new guidelines being proposed by federal regulators today.

Mainly, the guidelines will need loan providers to ensure customers are able to afford to repay the loans and can require loan providers to report loans to an entity that is credit-bureau-like monitor what number of loans are outstanding and simply how much is owed.

The guidelines proposed by the customer Financial Protection Bureau will likely not ban all payday advances, automobile name loans or any other loans that are high-cost. Clic para leer más— »

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