A guideline protecting payday-loan borrowers survives the Senate’s ax. Nevertheless, you can find better options that are lower-interest.
A federal guideline created to guard cash-strapped borrowers through the risks of ultrahigh-interest “payday loans” has survived a death threat—for now. On Wednesday the Senate permitted a 60-day screen for repealing the Payday Lending Rule to expire, effortlessly ending Congress’ energy to destroy it.
However the guideline, which requires that lenders sign in advance to find out whether borrowers have the wherewithal to settle their loans, nevertheless may well not endure when you look at the run that is long. Read more