New federal rules cracking down on unfair payday loans and other forms of predatory lending may be on the way. The proposals would target both short-term and longer-term loan products that are typically marketed toward financially vulnerable consumers.
Students and former students of Corinthian Colleges were harmed by the chain's predatory student loan program, the US Department of Education announced Tuesday. Corinthian had more than 100 campuses under the names Everest, Heald, and WyoTech. It also offered degrees online.
California has enacted a law that lets nonprofit organizations targeting low-income borrowers lend as much as $2,500 interest free without a license. The law will allow more Californians to skip more risky payday loans and create the track record they need to qualify for regular loans.
Subprime auto loans, have grown in popularity in recent years, and they can sound promising for consumers with a checkered borrowing history who need a car. But subprime auto loans carry huge risks for both borrowers and the auto industry at large.
Bitcoin has been added to a list of products and services under the watchful gaze of the Consumer Financial Protection Bureau. If you've been victim of a bitcoin scam, the CFPB wants to hear about it.
Americans now owe $902.2 billion in car loans, up 10 percent from last year. However, most Americans also repaying their car loans on time.