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Feds Crack Down on Payday Advances

Feds Crack Down on Payday Advances

New guidelines need loan providers to be sure borrowers are able to afford the loans that are high-interest

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brand New federal needs are in position to guard borrowers against payday advances that carry excessive interest levels.

The buyer Financial Protection Bureau is breaking straight down on payday advances in a move which could protect scores of the elderly as well as other consumers from being charged excessive interest levels and costs on short-term loans that often develop into long-lasting financial obligation.

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