The buyer Financial Protection Bureau issued brand new rules on pay day loans this week.
Customer advocates state the guidelines can help low-income individuals and families caught in endless rounds of financial obligation.
The industry contends that pay day loans offer a choice for folks dealing with unanticipated costs or economic emergencies. The guidelines could cripple the industry, which collected about $3.6 billion in cost revenue in 2015, in line with the CFPB. Continue reading New loan that is payday: what you should understand