Relocate To Pull Customer Protection Rule Heightens Debate Over Payday Lending

Relocate To Pull Customer Protection Rule Heightens Debate Over Payday Lending

Richard Cordray, the CFPB’s former manager, claims the agency’s objective changed.

A medical assistant named Angela walked into a branch of Advance America at a strip mall and asked for a loan during a recent lunch hour in Springfield, Va. She’d borrow $300 and guarantee to pay for it straight right back within 1 month, with one more $73 in interest and costs.

This loan would help protect a household day at nyc, stated Angela, who asked NPR to not make use of her name that is last for reasons. She claims she prefers payday advances with credit cards and she would rather not approach her family for help because she doesn’t trust herself.

“Everyone’s fighting. Therefore, you don’t need to ask,” she claims.

It had been convenient and fast. Continue reading