New Payday Loan Rules: Well-Intentioned With Heavy Baggage

The Consumer Financial Protection Bureau’s (CFPB) payday lending rule goes into effect next week. The rule has two parts: Payday lenders must “reasonably determine” the borrower’s ability to repay the loan. This includes taking the borrower’s credit history and spending habits into account when making a loan. Payday lenders cannot attempt to withdraw payment from … Continue reading New Payday Loan Rules: Well-Intentioned With Heavy Baggage

Payday Loans Filling the Void

As payday lenders and check-cashing stores continue to feel the wrath of government regulation, it’s important to understand why they exist in the first place. On March 7, Prop S was added to the municipal primaries ballot, seeking to punish evil payday lenders in St. Louis by imposing a meager $5,000 annual fee for new and … Continue reading Payday Loans Filling the Void