Pay day loans from banking institutions pose huge issues for bad customers

Pay day loans from banking institutions pose huge issues for bad customers

The US government has finally issued guidelines – long overdue – on short-term bank loans tied to consumers’ income in an effort to curb abusive lending practices. The newest federal limitations will assist to protect customers and, interestingly, the banking institutions whom make such loans.

The power for customers is obvious. These deposit advance loans (that are actually simply pay day loans provided by legitimate banking institutions as opposed to shady neighbor hood dealers or on line outlets) hit consumers with many costly charges and charge as much as 120 % in interest. Continuer la lecture de « Pay day loans from banking institutions pose huge issues for bad customers »