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12.2 Alternatives to Payday Loans

<< Title XII Overview

12.2 Alternatives to Payday Loans

 

 


12.2.     Alternatives to Payday Loans.  Title XII seeks to provide a low-cost alternative to payday loans for low- and moderate-income individuals. It authorizes the Treasury to establish a program of incentives (that may include grants, and various contracts or agreements) to encourage Eligible Entities to provide low-cost, small dollar value loans. Eligible Entities that participate in this program will be required to provide financial education opportunities to each consumer that receives a loan under such a program. [§1205]