Cash Advance Loans for Small Businesses Carry Steep Price

Critics of predatory lending practices recently turned their attention to business cash advance loans, which some people have characterized as “payday loans for business,” according to a report published at These cash advances for business owners can put them in debt spirals that mirror payday lending cash loans. The report explained that 7

Will Payday Loans Be Effectively Outlawed?

Everyone hates payday loan – except for the millions of people who use them. Newsweek reports that the critics of payday loans include consumer advocates, policymakers, law professors and members of the clergy. Even the president of the United States has made disparaging remarks about the industry. So, will payday loans be effectively outlawed? It

Installment Loans Online – Plenty of Options, All with High Interest Rates

When installment loans online are applied for by borrowers, they have plenty of options, but all come with high interest rates. While payday and title loans get a lot of negative attention for charging borrowers high fees, another type of loan has been flying under the media radar, and it’s one with interest rates that

For Small Cash Loans, Lenders Find Time is Running Out

Lenders of small cash loans are rightly concerned that policy changes could put them out of the cash loan business. The Consumer Financial Protection Bureau, or CFPB, has released a set of proposals that could certainly do so, but before making a decision regarding what terms the lenders of cash loans are permitted to offer

Payday Loan Lenders Indicted While Wells Fargo Criminals Walk Free

The recent indictments and judgments against payday loan lenders and the apparent “pass” being given to the criminals at Wells Fargo show just how far from ideal the American judicial system is. Most people have seen depictions of Lady Justice, the blindfolded personification of the legal system. She holds a balance scale in one hand

Installment Loans for Bad Credit Borrowers Patronized by Regulators

In June 2016, the Consumer Financial Protection Bureau released its proposed regulations for installment loans for bad credit borrowers. Although most of the attention has focused on the new rules for payday loans, the CFPB is also proposing new regulations for most installment loans for those with bad credit with an annual percentage rate of

Online Payday Loans do More Harm Than Good, State Critics

In the United States, more than 10 million people annually choose to take out online payday loans or from storefronts. For many, access to a payday loan can mean the difference between keeping the utilities on, feeding their families or repairing the car they need to go to work. However, payday lenders have been facing

Bad Credit Installment Loans Gain Market Share

As more and more payday lenders have shifted to offering bad credit installment loans instead of or along with payday loans, the market share for installment loans has increased substantially. For the past 20 years, payday loans have been a popular choice for small-dollar loans, especially among those with bad credit. However, in June 2016,

Critics of Cash Advance Loans Demean the Customer Base They Serve

The CFPB appears bent on destroying the cash advance loans industry with the new regulations that it has proposed. Are American adults so financially naïve that the government must dictate the types of credit products they can use? The Consumer Financial Protection Bureau seems to think so.  The agency is not alone in its campaign

The Economy’s Get Out of Jail Free Card – The Chicago Plan, Revisited

Ask any college student which freshman-level subject requires the most study and generates the biggest headaches, and he or she will usually say economics. What should be simple in practice–the exchange of goods and services–generates complexities and bizarre concepts and conventions that quickly convince students that they’re not in Kansas high school anymore. The International

The Case for Leaving the Payday Advance Industry Alone

The payday advance industry has received a great deal of criticism in recent years. Celebrities such as Sarah Silverman have publicized their opinions of payday loans, and President Obama has called payday advances “predatory.” In June, the Consumer Financial Protection Bureau, commonly called the CFPB, released its long-awaited proposed regulations for payday advances and other

China the Epicenter of a New Global Banking Crisis, BIS Warns

The Bank for International Settlements, or BIS, warns that China’s banking policies are likely to generate a new international banking crisis within the next three years. The BIS, which is the world’s largest bank, issued the warning despite finding that no immediate threat is likely according to a report. The risks are intensified by

If Payday Loans are Banished, Will Anything Better Replace Them?

One of the biggest questions that arises over the possibility that payday loans could be legislated out of business by the Consumer Financial Protection Bureau, or CFPB, concerns whether any comparable loans will replace these emergency, short-term loans. Consumers have come to depend on these loans, and most payday borrowers support the industry with high

Online Cash Advance Lenders Make a Mockery of Bans by States

A recent article explored online lending and state bans of cash advance companies operating within their jurisdictions. The article mentioned that many of these lenders get around bans by ignoring state caps on interest rates and other regulations. Without storefront options, online cash advance lenders can still advertise extensively to deliver quick cash directly

Installment Loans Under Fire by the CFPB Regulatory Guns

The Consumer Financial Protection Bureau, which is usually referred to as the CFPB, has turned its attention to installment loans, after making a series of controversial pronouncements and recommendations for payday lending reform. The organization has consistently cut through traditional checks and balances to expedite financial reform in the wake of 2008’s mortgage and banking

How New Regulations Could Change the Payday Loan Industry Forever

The Consumer Financial Protection Bureau, or CFPB, has proposed drastic new guidelines that could change the payday loan industry forever. Key features of the guidelines include the following points: Full-Payment Test Customers must be investigated to see if they can afford to make the full payment as promised from a single paycheck. Lenders would also

When Banks Won’t Lend – Bad Credit Borrowers and Payday Loans

When banks won’t lend, bad credit borrowers often turn to payday loans. When borrowing money from a bank, many factors are considered before a traditional financial institution will issue a loan. These factors include the borrower’s annual income, credit history and debt-to-income ratio. If a loan applicant fails the bank’s lending criteria, then the would-be