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Federal Payday Lending Rule a Win for Kentuckians

Federal Payday Lending Rule a Win for Kentuckians

To read through KCEP’s submitted responses in the guideline, view here.

The buyer Financial Protection Bureau (CFPB) circulated its long awaited proposed guideline to reign in several abusive techniques of payday lenders nationwide. In Kentucky, this might influence roughly 200,000 mostly low-income payday lending clients.

While Kentucky legislation limits yearly rates of interest on financial loans to at the most 36 per cent, payday loan providers are exempt, and may issue quick unsecured loans for $15 per $100 lent, for as much as $500, usually for a term that is 2-week.