Payday Lending Faces Tough New Restrictions by Customer Agency

A federal agency on Thursday imposed tough brand new limitations on alleged payday lending, working a possibly crushing blow to a business that churns down huge amounts of dollars a year in high-interest loans to working-class and poor Us citizens.

The principles established by the agency, the customer Financial Protection Bureau, will likely sharply curtail the application of pay day loans, which experts say victim from the vulnerable through their fees that are huge.

Presently, a cash-strapped consumer might borrow $400 from the payday lender. Continue reading Payday Lending Faces Tough New Restrictions by Customer Agency