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02-10-2015, 03:31 PM #1
- Join Date
- Feb 2015
- Posts
- 10
The $46 billion payday lending industry is about to suffer a big blow
The $46 billion payday lending industry is about to suffer a big blow. The Consumer Financial Protection Bureau's release of new payday lending regulations is imminent. The new rules could crack down on high-fee short-term installment loans, like the kind doled out by car-title and payday lenders, according to the New York Times.
Click link for full story
http://finance.yahoo.com/news/CFPB-p...192558796.html
Comments please
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02-10-2015, 03:37 PM #2
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02-10-2015, 04:03 PM #3
- Join Date
- Jul 2014
- Location
- Online
- Posts
- 965
“What their rulemaking will do is say wherever a loan exists, it has to be fair and transparent”
I want to know what their definition of "Fair" is. I've been in Payday retail locations and their is always a few posters on the wall explaining all of these "legal" rights and fees. It's pretty transparent when you borrow $100 and have to pay back $50 or so on top of it. It is what it is and people still use them. I am curious to see what is going to happen and what leads into it.Amanda Kingsley
DailyFunder: WhoisKingsley
This is me. https://www.facebook.com/whoiskingsley
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Always Live and Lead with Integrity.
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02-10-2015, 04:37 PM #4
- Join Date
- Feb 2015
- Posts
- 10
Thank you for the feedback
Do you think that any new regulations will every be in the Lenders favor?
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02-10-2015, 04:59 PM #5
Never, because the politicians know that it is the people who vote for them.
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02-10-2015, 05:14 PM #6
- Join Date
- Feb 2015
- Posts
- 10
hahaha well said.
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