Federal Payday Lending Rule a Win for Kentuckians

Federal Payday Lending Rule a Win for Kentuckians

To read through KCEP’s submitted feedback in the guideline, follow this link.

The customer Financial Protection Bureau (CFPB) circulated its long awaited proposed guideline to reign in a lot of abusive methods of payday loan providers nationwide. In Kentucky, this could affect roughly 200,000 mostly low-income lending that is payday.

While Kentucky legislation limits annual interest levels on lending options to at the most 36 per cent, payday loan providers are exempt, and may issue short term loans for $15 per $100 lent, for approximately $500, frequently payday loans Georgia for a term that is 2-week. „Federal Payday Lending Rule a Win for Kentuckians“ weiterlesen