Payday lending may finally see some regulation as RBI sets up panel
Payday lending needed some rules, especially around terms of interest rates charged, industry insiders say. Now that the RBI has set up a committee, some action can be expected.
RBI | Representative Image.
Payday lending may soon see some regulatory action, industry insiders say, as some of these firms have been in the news for coercive collections, high-interest rates and fraudulent business practices.
“There could be some guidelines around payday lending, now that the central bank has formed a committee to look into the digital lending space,” said a founder of a fintech lending startup.
Criminal backgrounds
One part of the bill, called the Employee Background Fairness Act, calls for strictly limiting the ability of employers to use a personâs criminal history to deny someone a job or take any other adverse action unless there is a âdirect relationshipâ between the conviction and the job, or if there is a specific federal, state or local law prohibiting the employment of such a person.
It also contains similar language regarding housing in buildings under the jurisdiction of public housing authorities.
âIt s just important to note that 55% of Illinois adults have a criminal record, and an applicant with a record is 50% less likely to get a callback for a job offer or an interview than an individual who does not,â said Matt Smith of Cabrini Green Legal Aid. âSo what we see is that just routinely, people who ve been caught up in the criminal legal system, sometimes decades prior, continue to face huge and insurmountable challenges in ge
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Cobra Payday Loans - the Specialist Lenders Offering Financial Aid to All Cobra Payday Loans have been serving those in distress for 20 years. They offer from £100 up to £5000 for those in need. As long as the borrower is 18 years and above, they are eligible to apply for some fast cash.
The brains behind this operation have noted the unfair treatment of those who have the bad luck of not having enough on hand. Whether you have some history with bad credit or if you have an emergency, these specialist lenders have your back. They will have to run some background checks to ensure that you are eligible for the loan, which means that they will check your income and any current engagements that might affect your ability to carry out repayments. These measures are in place to protect their clients from debt and potential financial downfall.