Voters overwhelmingly approved limiting annual interest on small-dollar loans to 36%.
Lenders will not have to verify whether borrowers have the ability to pay back high-interest loans
Still in its pilot phase, Onward promotes saving in small increments with a view to building a nest egg and eventually creating credit.
Last year, the Obama administration enacted new rules regarding payday lending. They haven’t yet come into effect. Now, the Consumer Financial Protection Board says it will reconsider the tighter regulation that would have required payday lenders to make sure the people they lend to can actually repay their loans. The rule was bitterly opposed by […]
Lenders would have to check a borrower’s ability to repay a loan but there are lots of loopholes protecting the loan business.
Income volatility is increasingly driving low- and middle-income Americans to check cashers and payday lenders.
Last May, Louisiana made financial literacy a mandatory topic in state public schools.
CFPB rules target payday, auto title, and high-interest installment loans.