Payday loans are regulated

A major misconception of the payday loan industry is that it’s not regulated. Consumer groups want to undermine payday lenders, so they really don’t mention this to their readers.

In Colorado, the regulatory body, refunded around $1.8M to borrowers.

Basically, how it works is that if a lender makes an error, they reimburse the borrower. This is how it should work. Don’t get me wrong, I don’t like frivolous rules, but if someone deserved a rebate and did not get it, they should.

This should be handled by your payday loan software. If it’s not, you should find a new system.

by admin

Bookmark the permalink.

Both comments and trackbacks are currently closed.