Payday loans can provide a quick cash option for people who may be experiencing financial troubles or a pressing emergency. At the same time, though, they also come with extremely high interest rates that trap borrowers in a cycle of debt. In 2006, Congress passed the Military Lending Act, which capped interest rates on payday […]
Christopher Peterson, professor of law at the University of Utah and member of the Consumer Federation of America, talks about the bi-partisan proposal of an interest limit on loans to military veterans — and wonders why payday lending interest limits aren’t available for everyone.
The poor are often taken advantage of because of their financial situation, whether it is a poor person or a poor country. Jubiliee USA Network works to build a world-wide economy that serves, protects, and promotes the most vulnerable. Jan Miyasaki speaks with Eric LaCompte, Executive Director, about payday loans, the Puerto Rico financial problem, and […]
Predatory lending is a national problem. But is the solution simply more regulation? Matt Stannard of Commonomics USA says it’s time to fight for public finance alternatives to payday loans.
A federal watch-dog agency proposed new rules Thursday designed to rein in predatory lending. But will they make it harder for millions to access credit in a pinch? Darien Lamen reports.