Payday Loans Growth Likely After Card Act of 2010

Posted by Sara M. Varese

According to Solomon Finance, payday loans lending may increase from the result of the new Credit Card Reforms, known as the CARD act, implemented on February 22, 2010. The new act enforces some stringent rules on credit card companies to protect consumers from ambiguous credit terms, fluctuating interest rates, and uninformed decision making. With these changes in effect, banks will focus on lending to those with near-perfect credit, possibly causing consumers with not-so-perfect credit to seek alternative types of loans such as payday loans…… for more on this story, Click here.

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