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Regulation of Payday Loans & Installment Loans 2018 changes and expectations.

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Regulation of Payday Loans & Installment Loans 2018 changes and expectations.

Regulation of Payday Loans & Installment Loans 2018 changes and expectations.

Before speculating on the good and bad sides of payday loans and their regulation, let’s look at some statistics:

  • Payday loans are used by 12M Americans annually
  • 5.5% of adults have taken it in the past 5 years 
  • average interest rate is 158 percent while the highest interest rate can be up to 598 percent, though some irresponsible lenders can raise it up to 1500 percent. We ourselves being a reliable lender warn our borrowers about the terms and rates beforehand
  • average borrower takes out $3000 and spends $520 on interest annually

The figures are rather impressive. So the government decided to try to handle the situation and put it under control.

And the first step in this direction was Payday, Vehicle Title, and Certain High-Cost Installment Loans, issued by CFPB on OCT 05, 2017.

It says that on the one hand, lenders must check the ability of borrowers to pay off the loan, but on the other hand, leaves the chance for the lenders to escape it if the loan operations are made “with certain consumer protections”. [www.regulations.gov]

One more good, especially for the borrower, news is that by this law lenders will be prohibited to take out money from the customers’ accounts without notifying them about it. Loan are also made safer by restricting the lenders’ right to make frequent calls to the customers and to sell their debt to the third person.

On the same day one more rule that allowed banks to offer such small-dollar loans was issued by the Office of Comptroller of the Currency. But the fact is that banks usually don’t want to work with under $1000 income people, who are the most frequent users of payday loans.

On TV debates concerning the question whether payday loans are good or bad [www.cnbc.com] Chris Hogan (from Ramsey Solutions) and John Berlau (Competitive Enterprise Inst) expressed their favorable and unfavorable opinions. Chris believes that though of course payday loans are helping in certain situations, people need more regulation, education and guidance in dealing with money correctly. John agrees that certain rules can exist applying to the terms, but the choice whether to take the opportunity of payday loans or not should be trusted to people.

Our service trust this choice to people though we still pay our customers attention to the loan’s conditions and possible consequences. Any way feeling out our registration form won’t do either any harm or influence your credit history. So evaluate all the pros and cons, think twice and use your freedom right to choose! 

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