To learn KCEP’s submitted reviews regarding the guideline, click on this link.
The customer Financial Protection Bureau (CFPB) circulated its long awaited proposed guideline to reign in several abusive techniques of payday lenders nationwide. In Kentucky, this might affect approximately 200,000 mostly low-income lending that is payday.
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While Kentucky legislation limits yearly rates of interest on lending options to no more than 36 per cent, payday loan providers are exempt, and may iue short term loans for $15 per $100 lent, for approximately $500, usually for a 2-week term. Continue reading “Federal Payday Lending Rule a Win for Kentuckians”