🚨 Consumer advocacy groups are coming in hot, demanding clearer cost disclosures from cash advance apps. Over 160 groups petitioned the Consumer Financial Protection Bureau (CFPB) for tougher regulations, making sure these apps are upfront about their fees. Here's why it's important: 1. No more hidden costs: By revealing all charges beforehand, you’ll know what you're signing up for, eliminating any unexpected fees that could catch you off guard. 2. Steering clear of debt loops: If the CFPB enforces these changes, these apps will have to follow the same guidelines as traditional loans, reducing the risk of getting caught in never-ending debt cycles. 3. Leveling the playing field: Classifying these apps as loans will make them compete honestly, preventing them from using shady tactics like disguising interest rates as “tips” or “expedited fees” to bypass loan rules. Right now, these apps are avoiding the loan label, allowing them to bypass important consumer protection laws. Changing that would mean more honesty, better protection, and a lower chance of consumers falling into costly debt traps.
Forbes Advisor
Consumer Services
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Forbes Advisor is a global platform dedicated to helping consumers make the best financial choices for their individual lives. We support your pursuit of success by making smart financial decisions simple, to help you get back to doing the things you care about most. We do this by helping turn your aspirations into reality. By arming you with trusted advice and guidance, you can make informed financial decisions you feel confident in and achieve your financial goals. Visit Forbes Advisor for unbiased personal finance advice, news and reviews, plus a comparison marketplace that helps you find the financial products that best fit your life and goals.
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- Jersey City, New Jersey
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- 1917
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First Floor, P&G Plaza, Andheri East
Mumbai, IN
Employees at Forbes Advisor
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Troy Young
Media executive, advisor, investor, operator. Former Global President Hearst Magazines.
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Kate Terry
Startup CEO | Public Company Board Member | Insurance & Insurtech
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Joe Cronin
Advisor. Global Benefits
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Lawrence Sprung, CFP®
What did you do today that brought you joy?® ⭐ Denise’s husband, Zach and Jeremy’s Dad 📝 Forbes Advisor Board* 📘 Author of Financial Planning Made…
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