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Trump management would allow predatory loan providers to trap brand New Jerseyans in ruinous financial obligation

Trump management would allow predatory loan providers to trap brand New Jerseyans in ruinous financial obligation

Nj-new jersey features a 30% rate of interest limit on loans however the Trump administration’s proposed guideline will allow predatory lenders to cover an out-of-state bank to behave as the “true lender” on behalf regarding the predatory lender. This can exacerbate our state’s eviction crisis, cause more bankruptcies, shutter more businesses that are small and force many families to make over their hard-earned wages to a predatory payday lender, Beverly Brown Ruggia of the latest Jersey Citizen Action states.

Imagine using a $500 loan to simply help spend your bills as you have a problem with the pandemic, only to sooner or later owe $2,000 in loan repayments. Читать далее

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