Publicly funded financing swimming pools can offer low-interest, short-term loans you might say no private loan provider can or will.
The Consumer Financial Protection Bureau announced plans to rescind a rule requiring payday loan lenders to accurately assess whether borrowers can repay them in early February. The Obama-era legislation was supposed to curtail a few of the short-term loan industry’s notoriously predatory practices.
In the last few years, the once-niche industry has exploded right into a $46 billion behemoth with over 20,000 loan providers. (more…)