The payday lending industry is bracing for the regulatory crackdown. Certainly one of its competitors just isn’t.
The federal customer Financial Protection Bureau revealed proposed rules in June that take aim at short-term payday advances asking triple-digit annual portion prices. The guidelines additionally would protect numerous alleged installment loans that have much much much longer payment durations but nonetheless charge a yearly price greater than 36 per cent.
Yet the nation’s biggest subprime installment loan provider, OneMain Financial, may well steer clear of the brand new legislation. OneMain caps its loans at 36 % interest and would perhaps gain a plus from federal guidelines that rein in its higher-cost and more aggressive rivals. (more…)
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