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Payday loan providers balk at proposed rules (Journal Record)

Payday loan providers balk at proposed rules (Journal Record)

Proposed rules would impact lending that is payday, like Advance America at 1841 Belle Isle Blvd. In Oklahoma City. (Picture by Brent Fuchs)

OKLAHOMA CITY – The Consumer Financial Protection Bureau’s proposed new guidelines on which the agency describes as payday debt traps could force individuals who require short-term loans to locate alternatives that are painful.

Advance America Senior Vice President Jamie Fulmer stated the newest guidelines would reduce use of credit for an incredible number of US customers who require tiny, short-term loans.

You do is take away choices from consumers and drive them to potentially higher-cost options … and less-regulated, if not illegal, options, ” Fulmer said“If you regulate an industry out of business, all. Read More