Sustained Use of Loans Raises Consumer Protection Concerns
WASHINGTON, D.C.–(ENEWSPF)–April 24, 2013. Yesterday the Consumer Financial Protection Bureau (CFPB) issued a report on payday and deposit advance loans finding that for many consumers these products lead to a cycle of indebtedness. Loose lending standards, high costs, and risky loan structures may contribute to the sustained use of these products which can trap borrowers in debt.
“This comprehensive study shows that payday and deposit advance loans…
