Federal regulators issued brand new guidelines on Thursday which will drastically rein in access to pay day loans and limit specific practices which have drawn ire from customer advocates.

Payday loans, which offer strapped consumers with immediate access to cash, are generally seen as a their ultra-high rates of interest and repayment that is short. Borrowers usually can not manage to spend them straight straight back so find yourself taking out fully brand new loans and getting stuck in a period of financial obligation. […]