Ability to Pay

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For certain types of loans, such as payday loans, a lender is required to verify your ability to pay.  They will ask about your income, monthly debt, and housing costs.  Consumers have been getting themselves into trouble by getting into roll over loans, where they roll over the old loan into a new loan, and keep paying fees.  To read more, copy and paste this address into your browser:

http://www.lenderlawwatch.com/wp-content/uploads/2018/04/201710_cfpb_final-rule_payday-loans-rule.pdf

 

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