Photo: ReutersSuzanne Plunkett. A lender makes a loan. Then a borrower pays it back. And to make sure that transaction doesnt tank, theres "underwriting:" verifying that the borrower will indeed be able to make the payments. This last step would be a key lesson from the subprime mortgage crisis. But too often, federal regulators say, that step is missing from payday loans sold to the working poor, leading borrowers straight into a debt trap. The Consumer Financial Protection Bureau (CFPB), last week, unveiled a proposal for new rules that would make loans more affordable by giving lenders a choice.
They could gauge a borrowers ability to pay before making the loan, or have the option of offering a capped number of loans to a borrower, with an exit strategy for loans that become too much to handle. As the debate gets under way about how stringent final regulations should be, many consumer advocates 18 24 interest rate on personal loan heavily in favor of option A, and dont even want option B on the table, arguing that its easier to keep borrowers from entering a debt trap than it is to pull them out later on.
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