payday loan reform

Payday loan reform aims to improve the borrowing process by setting stricter rules on short-term, high-interest loans. These reforms often limit the amount borrowers can borrow, restrict how often they can take out loans, and require clearer disclosures of fees and costs. The goal is to protect consumers from debt cycles caused by expensive, rapid loans, ensuring they have better financial options and understand the true costs involved. Overall, reform seeks to make payday lending safer and more transparent, reducing the risk of exploitation and financial hardship for borrowers.