Consumer Financial Protection Bureau issues new rules on payday - KULR8.com | News, Weather & Sports in Billings, Montana

Consumer Financial Protection Bureau issues new rules on payday loans

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New rules on payday loans were issued this week.

The loans, usually up to one-thousand dollars, must be paid back when borrowers receive their paycheck.

The Consumer Financial Protection Bureau argues that most people taking out the loans can't afford it.

So they developed a set of new rules to vet finances, limit loan frequency, prevent penalty fees and create new guidelines for smaller loans.

The rules take effect July 2019.

They'll also apply to title loans, deposit advance products and other longer-term loans.

Some payday lenders could be forced to close with the new rules.

If that happens, industry officials recommend that borrowers utilize community banks and credit unions for their loan needs.

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