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Federal crackdown on abusive pay day loans could backfire in ny

Federal crackdown on abusive pay day loans could backfire in ny

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The federal watchdog agency for customer financial loans simply released a draft of nationwide guidelines for the lending industry that is payday. These rules are a welcome first step toward reining in payday lenders, whose busine model involves charging an average of 300% annual interest, mainly to low-income people who can least afford those predatory rates in most states. (mais…)

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