Typically criticized by advocates the poor, payday advances were temporary, high-interest financial loans that work like cash advances


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The federal government’s brand new buyers safety institution used the basic community hearing Thursday about payday financing, a market that brings in some $7 billion annually in fees nationwide.

BIRMINGHAM | The Obama administration’s newer customers coverage agencies conducted the first community hearing Thursday about payday lending, a market that produces some $7 billion a year in charges across the country. The Consumer Investment Safety Bureau mentioned testimony from the program in Birmingham – in which urban area Council users recently passed a six-month moratorium on latest payday financing businesses amid concern over her frequency and higher interest fees – would let tips the introduction of future guidelines. 続きを読む