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HFLA’s Combat Payday Advances

HFLA’s Combat Payday Advances

Certainly one of HFLA of Northeast Ohio’s objectives would be to fight unfair pay day loans into the state of Ohio. We have been acutely passionate about that objective even as we frequently make use of customers that have dropped in to the cycle that is vicious of loan debt.

On March 20, 2017, our Executive Director Michal Marcus showed up on NPR to discuss loan that is payday reform and speak about HFLA’s make use of pay day loans.

The next is adapted from that discussion. To know the conversation yourself, click the link.

What Exactly Are Payday Advances?

Based on the customer Financial Protection Bureau, a cash advance is a comparatively little bit of money lent at a higher interest rate regarding the contract that it’ll be paid back whenever debtor gets their next paycheck.

Customers usually sign up for payday advances for a one-time unforeseen cost like a car or truck fix or bill that is medical. […]