Add Your Thoughts on How Payday Loans Should be Affordable

September is here and students are headed back to school. Tis the season for getting the kids new school clothes. Maybe even a sports jersey or two and don’t forget notebooks, binders and backpacks. And for students heading off to college, it may mean trying to make those first tuition payments. It all adds up.

Take a moment right now to add your own thoughts to the Consumer Financial Protection Bureau (CFPB) on how payday loans should be affordable at http://stoppaydaypredators.org/peoplesaction/.

For most of us, it’s not just back to school expenses.  It’s those costs that don’t show up on a credit report but define our daily lives. Whether it’s diapers for the new baby, birthday presents, doctor’s appointments or new glasses, these everyday expenses are the backbone of our budgets.

What comes out of your wallet?  Tell the CFPB what expenses you deal with so they can make sure lenders only grant loans that are affordable on your budget.

Payday lenders don’t take any of that into account when they set the debt trap. They’re only thinking about their payout, not about whether the loans are affordable for borrowers. And right now, they have powerful tools on their side. They can reach directly into people’s bank accounts to collect or keep the title to their car.

That’s why it’s so important that the final rules from the Consumer Financial Protection Bureau rein in payday and car title lenders. Unfortunately, the draft rules have too many loopholes that allow lenders to squeeze through.

That’s why the CFPB needs to hear from you. Take 20 seconds to tell the CFPB why this issue matters to you personally.

The proposed rules leaves big loopholes that puts the payday fox in charge of the henhouse.  We know these predators can’t be trusted.  That’s why the CFPB must make sure every loan is an affordable loan by tightening the requirements for how lenders determine a borrower’s ability to repay.