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CFPB publishes framework of payday loan rules

The new payday loan rules being considered by the Office of Consumer Financial Protection would require lenders to guarantee the borrower’s ability to repay a loan, limit short-term credits to 45 days or less, and establish a time limit of 60 day reflection for borrowers on three loans in a …

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Payday loan laws drive traffic to pawn shops

While short-term loans usually have a pretty tough reputation, pawnshop is the most frowned upon arena in an already unloved category of consumer loans. By definition, a pawnshop offers loans on items that are not accepted as collateral by banks or traditional lenders. Items that typically appear in pawn shops …

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