In early October, the CFPB
passed new payday loan rules that they hope will combat the abuses in the industry.
In early October, the Consumer Financial Protection Bureau (CFPB) passed
new payday loan borrowing rules that will tighten access to the financial product.
Some lenders have given multiple payday loans to the same people making them dependent on taking out
a new payday loan each month in order to repay the high APR due on previous loans.
In a normal scenario, you can get
a new payday loan one day after you repay the last one.
After watching this video, I recommend you review the content below the video where you can find links to free tools, including a budget analysis tool and take a look at the awesome debt relief infographic that we just created that illustrates
the new PayDay Loan Scam to beware of and Superheros talking about debt relief options.
A cumulative borrowing disclosure notice, to appear on
every new payday loan transaction statement between a lender and a borrower and disclosing the cumulative loan amount and the cumulative actual dollar cost for all loans for that borrower within a calendar year, be adopted by regulation.