payday lending reform

Payday lending reform involves changing regulations to protect consumers from potentially predatory short-term loans. These reforms typically limit loan fees, extend repayment periods, and restrict the number of loan rollovers to reduce debt cycles. The goal is to make borrowing more affordable and transparent, helping borrowers avoid traps of high interest rates and debt spirals. Overall, reform aims to balance access to emergency funds with consumer protection, ensuring payday lenders operate fairly within a regulated framework.