(picture credit: Shutterstock)
Federal regulators issued brand new guidelines on Thursday which will drastically rein in access to pay day loans and limit specific practices which have drawn ire from consumer advocates.
Payday advances, which offer strapped consumers with immediate access to money, are generally described as their ultra-high rates of interest and repayment that is short. Borrowers usually can not manage to spend them straight right back therefore find yourself taking out fully brand new loans and getting stuck in a period of financial obligation. Continue reading “Customer Watchdog Reins In Payday Lenders With Strict New Measures”