payday

During a recent lunch hour in Springfield, Va., a medical assistant named Angela walked into a branch of Advance America at a strip mall and asked for a loan. She'd borrow $300 and promise to pay it back within 30 days, with additional interest and fees.A rule under then President Barack Obama would make it harder for Angela to get her payday loan. Under the proposed rule, which did not take effect, lenders would have to determine that borrowers could afford to repay their loans. Now the bureau has proposed rescinding the rule.