The Consumer Financial Protection Bureau issued new regulations today aimed at ending the recurring cycle of debt from payday loans .
Within the past 5 years, 42% of millennials have used alternative financial services like payday loans, pawnshops, car title loans, tax refund advances or rent-to-own products.
Personal loans are often used for loan consolidation, major purchases, home improvements or other expenses, such as a wedding.
The oft-maligned payday lending industry may be about to get a makeover.
Of any checking account feature, customers rated debit cards as the most essential. A whopping 60 percent said they couldn’t image living without a debit card.
A new survey shows that more Americans are enjoying their day-to-day experience with their checking accounts. Why are some turning to alternative banking products?
The agencies allege two groups used phony payday loans to access consumer bank accounts.
Agency says ACE Cash Express pressured borrowers into taking out loans they couldn’t afford.
Some consumers end up paying more in fees than the amount of money initially borrowed.
Lending company allows clients to take out loans with most anything of value held as collateral.