Monthly Archives: July 2020

Black communities vulnerable to ‘debt traps’ as key payday loan protections removed

People walk past a Money Mart store in Toronto. National Money Mart Company, commonly referred to as Money Mart, is a Canadian financial services company that provides payday loans, check cashing, tax preparation, and money transfer services to the underbanked. (Photo by Roberto Machado Noa/LightRocket via Getty Images) In 2017, …

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Office of Consumer Affairs removes restrictions on payday loans

The Consumer Financial Protection Bureau officially canceled a plan on Tuesday to impose new limits on payday loans, handing the industry a major victory by scrapping tougher rules it has spent years lobbying for. to spill. The proposed rules would have been the first major federal regulations on an industry …

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Trump CFPB allows payday loans to people who cannot repay

WASHINGTON – The Consumer Financial Protection Bureau has published a final rule On Tuesday, this makes it easier for payday lenders to extend high-interest loans to people who may not be able to repay them. The CFPB rule overrides an Obama-era requirement that payday lenders must first assess whether someone …

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How to weigh the pros and cons of online loans

Note that the student loan situation has changed due to the impact of the coronavirus outbreak and the relief efforts of the government and many lenders. Check out our Student Loans Hero Coronavirus Information Center for news and additional details. * * * Whether you’re using a budget tracker app …

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