Federal Payday Lending Rule A profit for Kentuckians. More about Economic Security: US Families and Jobs Plans Would Provide Possibility to All Kentucky Families

Federal Payday Lending Rule A profit for Kentuckians. More about Economic Security: US Families and Jobs Plans Would Provide Possibility to All Kentucky Families

To learn KCEP’s submitted commentary regarding the guideline, click on this link.

The customer Financial Protection Bureau (CFPB) circulated its long awaited proposed guideline to reign in several abusive practices of payday loan providers nationwide. In Kentucky, this could influence approximately 200,000 mostly low-income payday lending customers.

More about Economic Protection: US Families and Jobs Plans Would Provide Possibility to All Kentucky Families

While Kentucky legislation limits annual interest levels on lending options to no more than 36 %, payday loan providers are exempt, and certainly will issue quick unsecured loans for $15 per $100 lent, for as much as $500, frequently for the 2-week term. Lire la suite