CFPB Payday Lending Rules 2.0 — What’s Next
PYMNTS
FEBRUARY 7, 2019
To fulfill that requirement, lenders would have had to verify a borrower’s income, debt and spending habits to assess their borrowing threshold before underwriting their loan — or avoid this stipulation by changing their loan type to an installment loan, paid over a set amount of time agreed upon at the outset of the loan.
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