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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.
Add your voice now to stop the debt trap!
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.
Though West Virginia does not allow these predatory loans, we still need a strong federal rule. Payday lenders will use a weak rule to seek a green light to come into our state.