Federal regulators prepare cash advance guidelines to guard borrowers

Troubled by customer complaints and loopholes in state laws and regulations, federal regulators are piecing together the first-ever guidelines on pay day loans geared towards assisting cash-strapped borrowers avoid falling as a cycle of high-rate financial obligation. The customer Financial Protection Bureau claims state legislation regulating the $46 billion payday financing industry often flunk, and that fuller disclosures associated with the interest and charges – usually a yearly portion price of 300 % or even…