Experiencing misled, cheated and eventually threatened by high-interest price payday and automobile name loan providers, Virginians are pleading with federal regulators to not rescind a proposed groundbreaking guideline to rein in abuse.
Tales from almost 100, attached with a Virginia Poverty Law Center page asking the customer Finance Protection Bureau never to gut the guideline, said these interest that is triple-digit loans leave them stuck in a type of financial obligation trap.
VPLC Director Jay Speer stated the guideline that the CFPB is considering overturning — needing loan providers to check out a borrower’s real capacity to repay your debt — would stop a number of the abuses.
“Making loans that the borrower cannot afford to settle could be the hallmark of financing shark and never a legitimate lender,” Speer penned in their page to your CFPB. [Read more…] about “Caught in a trap”: Virginians describe their experiences with pay day loans, urging feds to modify