The Consumer Financial Protection Bureau, new to the scene of consumer reporting, is challenging the banking institution’s practice of charging overdraft protection penalty fees on checking accounts. They are testing sample text that will disclose these fees on checking account statements. Overdraft fees have the capacity of inflicting serious financial damage on those people who can least afford it. The bureau wants to learn how consumers are affected, and how they are able to anticipate and … [Read more...]
The Truth About High Risk Loan Companies
What Is A High Risk Loan? A high risk loan also known as a Payday Loan, is a short-term loan meant to carry the borrower for only a couple weeks or maybe a month. Regulation and legislation of these types of loans varies from community to community. To prevent usury (unreasonable and excessive rates of interest), some communities limit the Annual Percentage Rate (APR) that any lender, including payday lenders, can charge. Some communities outlaw payday lending entirely, and some have very few … [Read more...]
