If you live in pretty much any American town you’ve likely seen plenty of payday loan businesses.

These businesses often brand themselves as ones which can offer services that will land you some quick cash. While this is true, the part that isn’t actively advertised is that many of these “quick” payday lenders will give you a terrible APR that can easily get you stuck in a cycle of predatory debt. Many Americans understand the pain of being stuck in such a cycle all too well, which is why it’s very important to understand how these businesses work and how they affect individuals, families, and communities. There is currently a push at the federal level to roll back regulations even further, so it’s even more important to always be aware of how lenders work and the rules regarding loans.

Many individuals take out a payday loan to be able to afford more while they wait for their paycheck. The typical payday loan is a few hundred dollars, but the typical Annual Percentage Rate (APR) can fall anywhere from 300-500%, and the first payment is often due by the loan recipient’s next paycheck. If even a single payment is missed, it can be a financial death sentence for many Americans who rely on payday loan services. For others, it is a slippery slope to being stuck in a deep financial hole.

New changes proposed by the Federal Consumer Financial Protection Bureau could have a serious impact on those who rely on payday loans. The main point of interest is the Federal Consumer Financial Protection Bureau’s proposal to scrap a 2017 rule which requires payday lenders to verify that each person they lend money to has the means to pay it back. The reason for scrapping this rule is the Bureau’s concern that the rule reduces access to credit. While needing to verify the loan recipient’s ability to pay back a loan does indeed limit many people’s access to credit, the alternative is a situation where unscrupulous lenders can take advantage of individuals and trap them in a cycle of predatory debt.

If you have an opinion on the matter, regardless of what that opinion may be, you can submit comments to the Federal Consumer Financial Protection Bureau’s website.