The Consumer Financial Protection Bureau (CFPB) has proposed rules that, if strengthened, could rein in the worst abuses of payday and car title lending. Thankfully, West Virginia protects against abusive payday and car title loans, but the CFPB still needs to hear from you.
Payday loans notoriously carry 300+% APR (annual percentage rate). Strategically located in low-income neighborhoods, payday lenders intentionally trap borrowers in debt that they cannot escape. The average payday borrower is trapped by ten transactions in a year.
Though payday lenders are not allowed in our state, we still need a strong national rule. Payday lenders will use a weak rule to seek a green light to come back into West Virginia.
Thank you so much for acting today.
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