Payday loans are marketed as crisis little buck loans.
However with yearly interest levels that typical 400%, these loans are dangerous financial obligation traps and also a devastating influence on low-income communities, and disproportionately, folks of color.
Payday financing is unlawful in nj-new jersey, nevertheless payday loan providers victim on New Jersey customers online or serving into the armed solutions away from state. NJCA is campaigning difficult for a solid payday lending legislation through the Consumer Financial Bureau (CFPB) to guard customers in nj-new jersey from predatory payday loan providers and their financial obligation trap loans. Continue reading