For an incredible number of cash-strapped customers, short-term loans provide way to protect acquisitions or pushing needs. But these deals, typically called payday advances, additionally pack triple-digit interest levels — and critics state that borrowers often wind up trapped in a period of high-cost financial obligation because of this.
Now, the customer Financial Protection Bureau is preparing to reveal a framework of proposed guidelines to modify lenders that are payday other expensive kinds of credit.
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