WASHINGTON — Beginning on January 1 of next year, members of the Consumer Financial Services Association, the trade association that claims membership from 60% of payday lenders across the country, will start posting their loan fees on large posters in their lobbies, the association has announced.
The posters will be around 22 inches tall and 18 inches wide and will have 1/2 inch type, according to Darrin Anderson, president of the association. They will also be expressed in dollar amounts and percentage rates for a number of different loan amounts and time periods, he added.
"Our goal is to be up front with consumers about the cost of these financial products and to be able to let them make informed choices," he said.
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