Payday advances are little loans guaranteed by immediate access towards the borrowerвЂ™s banking account. Coalition: Financial Reform This joint page to Congress finalized by leading customer advocacy teams describes the harm from payday loans online, an evergrowing opportunity for costly payday lending. These loans are first in line to be repaid ahead of food, rent, or other necessities when these triple digit loans are made to struggling families since the online lender has electronic access to the borrowerвЂ™s bank account. We, the undersigned customer and community companies, are composing to alert you to definitely the perils of online payday lending and also to urge one to help a powerful independent customer Financial Protection Agency to guard consumers from predatory lending that
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