Pay-Day Loans

The Pay-Day Loan industry, a sub-prime lending mechanism which has pushed many low income users into a debt trap, has become the focus of federal regulatory rulemaking and state attorney general oversight.  

• FTC Payday Loans Consumer Information
   
• Legal Status of Payday Loans by State
   
• New York AG Brochure on Pay Day Loans
   
• Press Release, Consumer Financial Protection Bureau, We’ve proposed a rule to protect consumers from payday debt traps (June 2, 2016).
   
• State Attorneys General Comments on CFPB Proposed Rules (Oct. 7, 2016).