Limited amount of loans within a certain period of time
More paperwork & underwriting, including credit checks
Americans across the country rely on short-term credit to deal with financial emergencies or temporary cash shortfalls. In the absence of a regulated credit option, many consumers will be forced to turn to inferior alternatives, such as unregulated, unlicensed operators that seek to scam consumers and commit fraud. Regulated short-term lenders employ thousands of people across the country, providing them with a steady paycheck and benefits. If the CFPB's overly restrictive policy for short-term lending goes into effect, more than 80 percent of the industry – the majority of which are small businesses – will be forced to shut down and lay off its workforce.
Ask President Trump To Reject The CFPB’s Short-Term Credit Rule
Join us in protecting your consumer rights! Sign a letter today and ask President Trump to reject the CFPB’s short-term credit rule.
To monitor the CFPB’s progress in processing and uploading comments on the short-term credit rule, visit CFPBcommentwatch.com.