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The customer Financial Protection Bureau issued rules that are new pay day loans this week.

The customer Financial Protection Bureau issued rules that are new pay day loans this week.

Customer advocates state the principles may help low-income individuals and families caught in endless cycles of financial obligation.

The industry contends that pay day loans offer a choice for individuals dealing with unexpected costs or economic emergencies. The guidelines could cripple the industry, which collected about $3.6 billion in charge revenue in 2015, based on the CFPB.

This is what you must know about payday advances plus the regulations that are new.