Published on March 3, 2014
American Regulations On Payday Loans
American Regulations On Payday Loans Many people feel that payday loans are exploitive in nature. They fail to understand the difference between payday lenders and loan sharks. However, US has many laws to ensure that myths about payday loans remain myths.
Regulators’ eyes on Banks Regulation of payday lending institutions is handled primarily by individual states. Regulators circling the payday loan industry zeroed in on expensive deposit advances made by some major commercial banks.
Federal Bank Regulators cracked whip Federal bank regulators issued 23-page final guidance. Banks were warned that they need to underwrite the advances like other loans, and assess the borrower‘s ability to repay without taking out another advance.
Caps imposed on banks Banks limited to six deposit advances for a customer each year. Banks can only issue one deposit advance per monthly statement cycle. Banks cannot make it until the previous one has been fully paid off and the customer has waited out a cooling-off period of at least one monthly statement cycle.
Payday loans can never exploit borrowers Banks must come up with affordable small-dollar loan products for consumers. With these regulations, you can ask for a payday loan without fear. Payday loans are meant to help people, not to exploit them.
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