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Feds make an effort to protect low-income users of ‘payday’ loans

Numerous have come to an end of cash between paychecks. Them over so they obtain a “payday” loan to tide. Issue is, such loans can frequently bury them in charges and debts. Their bank reports could be closed, their vehicles repossessed.

The customer Financial Protection Bureau proposed rules to protect Us citizens from stumbling into exactly what it calls a “debt trap. thursday” during the heart associated with the plan is a requirement that payday loan providers verify borrowers’ incomes before approving that loan.

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