The President had been promoting some proposed rules that are new the buyer Financial Protection Bureau that could change how payday loan providers run, or simply place them away from business. Which, if payday loan providers are because nasty as the President means they are sound, is really a thing that is good isn’t it? Is not it?
Payday advances are short-term, fairly small-dollar loans which are promoted as a solution that is quick an unexpected crisis such as for instance a medical cost or a vacation to your auto auto mechanic.
MUSIC: The Atomica Project, “Nuevo” (from Non Affair )
Here’s how it operates: the payday loan provider wants proof that you have work — some pay stubs, by way of example. Additionally, you need a banking account.
BOB DeYOUNG: And that’s virtually the degree from it.
Bob DeYoung is a finance teacher in the University of Kansas.