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In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps.

How does a payday loan affect my credit

Then a borrower pays it back. And to make sure that transaction doesnt tank, theres "underwriting:" verifying that the borrower will indeed be able to make the payments.

This last step would be a key lesson from the subprime mortgage crisis. But too often, federal regulators say, that step is missing from payday loans sold to the working poor, leading borrowers straight into a debt trap. The Consumer Financial Protection Bureau (CFPB), last week, unveiled a proposal for new rules that would make loans more affordable by giving lenders a choice. They could gauge a borrowers ability to pay before making the loan, or have the option of offering a capped number of loans to a borrower, with an exit strategy for loans that become too much to handle.

How does a payday loan affect my credit

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How does a payday loan affect my credit