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201710_cfpb_fact-sheet_payday-loans.pdf

🔗 Source: files.consumerfinance.gov

📊 Size: 60 KB

👤 Author: Consumer Financial Protection Bureau

⬇️ Downloads: 126

Summary

The Consumer Financial Protection Bureau (CFPB) finalized a rule to stop payday debt traps by requiring lenders to determine upfront whether consumers have the ability to repay their loans. The rule covers loans that require consumers to repay all or most of the debt at once, including payday loans, auto title loans, deposit advance products, and longer-term loans with balloon payments. The CFPB found that payday loans are expensive, with annual percentage rates of over 300 percent, and that lenders' practices can push borrowers into debt traps, forcing them to default, re-borrow, or skip other financial obligations. The rule aims to stop debt traps by putting in place strong ability-to-repay protections, including a "full-payment test" to determine upfront that borrowers can afford to repay their loans without re-borrowing.

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Description

The Consumer Financial Protection Bureau (CFPB) finalized a rule to stop payday debt traps by requiring lenders to determine upfront whether consumers have the...

Technical Information

File Format: PDF
File Size: 60 KB
Pages: 6
Language: EN
Author: Consumer Financial Protection Bureau
Total Downloads: 126
Last Updated: 3 hours ago

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