The customer Financial Protection Bureau issued brand new rules on payday advances this week.
Consumer advocates state the principles may help people that are low-income families trapped in endless rounds of financial obligation.
The industry contends that pay day loans offer a choice for folks dealing with unforeseen expenses or emergencies that are financial. The principles could cripple the industry, which collected about $3.6 billion in cost income in 2015, based on the CFPB.
Some tips about what you should know about pay day loans and also the brand new laws. Read more