Four Things You Should Know About Pay Day Loans

A brand new time is dawning for “payday” loans.

The customer Financial Protection Bureau recently proposed a couple of guidelines that could provide more protections to borrowers whom sign up for pay day loans – high-interest, short-term loans, usually geared to lower-income borrowers.

The proposed guidelines would need that loan providers assess whether borrowers are able to afford to cover back their loans, among other items. Continue reading Four Things You Should Know About Pay Day Loans