As the Consumer Financial Protection Bureau considers new regulations on payday lending, a study by the Center for Responsible Lending shows high and early default rates on the short-term loan product. Photo: ReutersJim Young. A pedestrian walks past a payday lending shop in London on March 6, 2013. Photo: ReutersSuzanne Plunkett. A lender makes a loan. Then a borrower pays it back. And to make sure that transaction doesnt tank, theres "underwriting:" verifying that the borrower will indeed be able to make the payments.

This last step would be a key lesson from the subprime mortgage crisis. But too often, federal regulators say, that step is missing from payday loans sold to easy to apply personal loan working poor, leading borrowers straight into a debt trap.

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Easy to apply personal loan

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Easy to apply personal loan