Google, the consumer financial protections advocate? Just weeks after the Consumer Financial Protection Bureau hinted at new regulations for payday lenders, search engine giant Google offered its own crackdown on predatory lenders. In a blog post on Google’s public policy…
Prepaid cards that allow you to overdraft your account for a hefty fee could soon face extinction if federal regulators and Democratic lawmakers get their way. Earlier this month, Senator Jeff Merkley introduced a consumer protection bill dubbed Stopping Abuse…
As the Consumer Financial Protection Bureau gets ready to crack down on payday loan providers, a growing number of online lenders are promising borrowers with bad credit a fairer, less expensive emergency alternative. Many of these lenders insist they’re not…
Judi Strong used her own savings to start her small business in Lexington, Kentucky, 15 years ago. Now she says federal regulators are about to close her down.
At first it sounds like a horror story about big, callous government. But Strong doesn’t run a bakery or a corner store. She’s the owner of Cash in a Dash, a payday loan company with five offices in the Lexington area.
“I just feel like it’s a needed business,” Strong said in an interview. Many of her customers are regulars, she said, who use small loans to tide them over between paychecks the way other people use credit cards.
But her customers pay interest rates many times higher than credit cards, even the most expensive ones.
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When strapped for cash and hit with an unexpected bill, some may feel as if they have no other choice but to turn to a payday lender. But new research from the Consumer Financial Protection Bureau shows that taking out one of these short-term loans could just sink you deeper into debt.
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