This article proposes creating a federally operated online exchange (Exchange) for payday lenders to post their rates and for borrowers to apply and receive payday loans to address these three factors. The Exchange restores comparison-shopping by providing borrowers with a tool to easily compare the rates and terms of different lenders by listing dozens of lendersвЂ™ rates side by side. A federally operated online change by having a вЂњ.govвЂќ web site is not just less at risk of ethical dangers, but will be noticed amidst the for-profit comparison internet web web sites and adverts that currently dominate a borrowerвЂ™s web search for payday loan providers. The Exchange will seek to be considered a вЂњone-stopвЂќ location for potential borrowers trying to find pay day loans, and payday loan providers will voluntarily register using the Exchange so that you can achieve these potential prospects.
Even though the technical information on the ExchangeвЂ™s graphical user interface aren’t the main topic of this short article, it’s not hard to visualize how the Exchange that is hypothetical might: potential borrowers visiting the ExchangeвЂ™s web site will likely to be prompted to enter financing quantity, location, loan length, as well as other necessary facts just like the information presently needed by old-fashioned storefront or online loan providers. Read more