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Consumer watchdog loosens Obama-era guardrails on payday lending

Brian Cheung
Reporter
  • R
    RunningOnEmpty
    The test should not be on the consumer, but on the lending practices of compounding interest on a weekly basis where any consumer could not repay the loan. It is loan-sharking made "legal". Payday loans do not help the consumer, they trap the consumer into an impossible position because of their vulnerable situation.
  • R
    RedMan
    Who needs the Mafia when you can loan legally at over 100% interest rates?
  • T
    The Glenn
    I lived near Fort Carson, CO, and worked there on a large construction project, around 1998, the strip malls and street corners were full of "payday loans" open 24 hours a day, type places, my next door neighbor was an officer, and said it's a huge problem for them, a lot of these guys are just out of High School, late teens, ore early 20's, have no real concept of compounding interest and how quickly it can accrue, let alone late fees or missed payment penalties, and we have many thousands of our soldiers in financial trouble right now. They don't call them predatory loans for nothing.
  • T
    Thomas
    Once again the Trump administration shows that if it comes down to a choice between what business wants and what is good for the consumer, that business interests will always win. I know what its like to sometimes struggle from paycheck to paycheck. These loans are basically legalized loan sharking and they end up trapping people in a debt cycle and siphoning their already limited financial resources away from them. Rather than working towards making other options available to consumers, the Trump team has decided to take a step backwards so as to increase industry profits at the expense of America's working class.
  • J
    Justin Kluesner
    The very fact that so many people have to rely on this legal loan-sharking is wrong.
  • B
    Betsy Weathers
    I think payday loans should be outlawed. I would prefer to see the old finance companies of older times come back , They had higher interest but not like payday loan companies.
  • m
    m
    Sad so Sad or should I write bigly sad. These regulations were a good thing for the consumer but the attitude of this administration is not geared towards the consumer but focused more of the beneficiaries of the loosened regulations.
  • T
    Teresa
    I'm going to take a wild guess and think Trump did this so the money lenders can get richer with less rules to follow. I don't think for a minute that it's done to help struggling Americans.
  • H
    Hocus Pocus
    Don't borrow any money from these loan sharks.
  • B
    Beard
    Last time we let businesses give out loans with no consequences the housing market crashed...