Payday Lending Abuses
CRL along with other allied companies are very happy to submit the comments that are following payday lending abuses in reaction to your customer Financial Protection Bureau’s demand as a result of its January field hearing in Birmingham, Alabama. CRL together with other businesses appreciate the opportunity to touch upon your debt trap inherent to payday lending, and therefore are grateful for the supervisory help with payday lending that the Bureau has given considering that the Birmingham occasion.
The remark page analyzes research leads to demonstrate the after points:
- Payday advances are organized to generate a long-lasting financial obligation trap. The reality is in fact very different although payday loans are marketed as a way for borrowers to take on short-term debt to cover emergencies between paychecks.