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NEW YORK – Congress on Thursday overturned a set of regulations enacted in the closing days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates. The House voted 218-208 to overturn the Office of the Comptroller of the Currency’s payday loan regulations, with a Republican voting with the …

Payday loans are expensive and charge very high fees which must be paid off in a short period of time. In fact, you could end up paying an effective APR over 400% if you take out a payday loan. Despite this disadvantage, many people use payday loans anyway. And there are valid reasons for this. …

When you need to borrow money, there are several options available to you for taking out a loan. Personal loans can be an affordable option, and it often makes sense to take on this type of debt. Payday loans, on the other hand, are almost always very expensive and should be avoided whenever possible. The …

The regulatory eye on payday loans is tightening. To this end, as reported by the Associated Press, Congress voted to overturn Trump-era regulations that allow payday lenders to circumvent state laws that cap interest rates. In terms of mechanics, the rules, which had been put in place by the Office of the Comptroller of the …

Share Tweeter Share Share E-mail Payday loans, often referred to as cash advances, are short-term, low-balance, high-interest loans with exorbitant interest rates. They get their name because the money is usually borrowed on a post-dated check or account withdrawal authorization that takes effect on the borrower’s next pay day. If the applicant has a job, …

Law360 (April 9, 2021, 8:06 p.m. EDT) – The former head of the since-disbanded lender Think Finance has reached a $ 3 million deal with the state of Pennsylvania to end allegations it helped company to circumvent interest rate limits. in order to distribute illegal payday loans. Ex-CEO Kenneth Rees will pay $ 3 million …

Understanding the Benefits and Importance of Payday Loans

If you are considering taking out a payday loan, it is important to know what it is and how it works. A payday loan is known to be one of the fastest or quickest ways to get cash when you need it. This is an unsecured short term personal loan where the borrower has to …

President Trump has pushed his administration to scrap the rules rather than pass them, and many of his regulators have taken this to heart, especially those who oversee the financial industry. The Office of the Comptroller of the Currency, which helps monitor banks, even found a way to reduce State credit restrictions through a rule …

DEBLASTED New York City Mayor Bill de Blasio has been criticized by Big Apple companies for rolling out “scattered” federal stimulus, which they say do not “strategically support sectors and communities” that have the most suffered. Representatives from the five borough chambers of commerce and several other agencies addressed the mayor, president corey johnson and …

Tractable is a London-based AI company that helps insurers cope with accidents and disaster recovery. The company just announced $ 60million (nearly £ 43million) in a Series D funding round led by Insight Partners and Georgian. The UK’s first computer vision unicorn The investment comes after the $ 25million Series C funding it raised in …