Sunday, November 24, 2013
<#ace pawnshop> <#ace #shop #paducah,#Ky> Pawnshops and Payday Loan Companies to Benefit for New Fed Crackdown on New small Loan Regulations.
THE new administrations over regulation policies are about the help payday loan companies, small lenders and and pawn shops. According to the Wall Street Journal feds are targeting banks over small short-term hight interest rate loans. Considering the fact that the average Payday Lenders charge rates as high as 500% interest and the local bank rate is in the range of 120% for a small short term consumer
New guidelines issued Thursday by the Office of the Comptroller of the Currency and Federal Deposit Insurance doesn't explicity prohibit banks from offering such loans but throw up roadblocks by requiring a borrower to verify how and when they are going to repay the loan, income verification and various other loan verification requirements. Amazing less than 10 years ago you can walk into a bank and borrow over a million dollars on home with little or nothing down and now credit check.
Deposit-advance aka PAYDAY LOANS that banks now provide for small amounts up to $500.00 are advanced to the customer prior to payday and deducted from his or her checking account once the paycheck is deposited into the account.