Posted inConsumer, Money

Proposed limits on payday loans draw sharp reactions from both sides

WASHINGTON – Federal officials unveiled new restrictions on payday lenders Thursday that aim to help low-income borrowers avoid the “debt traps” of readily available, high-interest loans that critics say prey on minority communities. The 1,334-page proposed rule released by the Consumer Finance Protection Bureau would force lenders to make sure customers can pay back a […]

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