The federal Consumer Financial Protection Bureau (CFPB) recently released proposed rules that, if strengthened, could rein in the worst abuses of payday and car-title lending. Thankfully West Virginia protects its citizens against abusive payday loans, but the CFPB still needs to hear from you.
Payday loans notoriously carry 300+% APR (annual percentage rate). Strategically located in low-income neighborhoods, payday lenders intentionally trap borrowers in debt that they cannot escape. The average payday borrower is trapped by ten transactions in a year.