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New Federal Action on Payday Lending Can Help Wisconsinites

MADISON – Advocates praised a rule with new customer defenses which will decrease the harms of short-term payday and car-title financing to Wisconsinites, given yesterday by the federal customer Financial Protection Bureau (CFPB). This morning, the groups welcomed the new protections as an important step, while also calling on state and federal decision-makers to take additional action to stop the payday debt trap on a press conference call.

“Payday and vehicle name loans drive borrowers into economic stress by trapping them in long-lasting financial obligation at triple-digit interest prices,” said Peter Skopec, WISPIRG Director. “These brand brand brand new defenses are great news. To avoid your debt trap, there’s more work to accomplish.”

Payday loan providers made significantly more than 115,000 pay day loans in Wisconsin year that is last in accordance with the Department of finance institutions. The common Wisconsin cash advance had been for $303, and includes an astronomical interest that is annual of 515 per cent. Continue reading