The Feds are Coming! The Feds are Coming (for Payday Lending)!
The Consumer Financial Protection Bureau is in the rulemaking process as the payday lending industry continues to rake in scores and scores of dollars in fees and interest at the expense of consumers. Payday lending has managed to escape the grasp of the law in several states and the time has come to level the playing field. While there is a business purpose and semblance of necessity for short-term loans surely there should be more balance in the industry than currently exists.
Payday lending is now illegal in North Carolina but many residents find lenders online which largely takes them outside of the realm of North Carolina law. Military personnel are often victims of predatory payday lending due to their transitory lifestyle but there are some protections in place for our servicepersons.
Until the federal government enacts tough rules to regulate payday lending we are faced with varying laws and levels of protection across the United States. If you believe you have been scammed or otherwise taken advantage of by a payday lender you should seek legal counsel. Do not go it alone lest you lose even more…..