Other loans up to $5,000. We want to see the FCA introduce a cap on rent-to-own and doorstep loan products, just as they already have on payday loans. No one should have to pay back more than double what they borrow over the course of their agreement," says Gillian Guy, chief executive of Citizens Advice.As part of a five-year process undertaken largely during the Obama administration that included a review of more than a million comments, the CFPB investigated these loans and in 2017 said it had determined lenders used unfair and abusive practices" that kept borrowers stuck in a cycle of debt , never able to fully repay loans due to exorbitant interest rates — as high as 300 percent a year for payday loans.
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