Throughout the 2008 campaign that is presidential Barack Obama promised to «cap outlandish interest levels on pay day loans and also to enhance disclosure» regarding the short-term, high-interest loans. The administration has essentially achieved its goal after years of partisan wrangling.
First, some back ground. «Payday loans are small-dollar, short-term, short term loans that borrowers vow to settle from their next paycheck or regular earnings repayment,» in accordance with the Federal Deposit Insurance Corporation. «Payday loans are coming in at a fee that is fixed-dollar. Fortsett å lese «Without a doubt about payday advances with low interest»