How Tribal Payday Loan Companies Skirt State Regulations

Payday loan lenders are a wily lot. In the past, when states enacted laws in an attempt to curtail the industry, many lenders found workarounds. For instance, some cloaked themselves as different types of lenders while others modified the kind of loans that they offer. Lenders are also bringing Indian tribes into their companies. This

With Trump President, Is Obama’s Plan to Kill Installment Loans Now Dead?

Donald Trump’s victory in the 2016 presidential election took many people by surprise. Pollsters, political analysts, news anchors and even celebrities expressed shock that a Washington outsider could triumph over a candidate with Hillary Clinton’s history in politics. Clinton and Trump expressed views throughout their campaigns that were in direct opposition, including their opinions on

New Payday Loan Regulations May Weaken Those of States that Have Banned Them

The effort to protect borrowers from payday loan lenders may backfire in states where laws regulating these lenders already exists. Short-term loans with high interest rates are facing a lot of government scrutiny. In fact, Georgia has banned them entirely. However, new payday loan regulations may weaken the rules of the states that have banned

Cash Advance Lenders are Generous with Campaign Cash

 With federal regulations likely on the way, cash advance lenders have been generous with campaign cash in recent years. In fact, short-term loan lenders have sent millions of dollars to Washington in a transparent attempt to sway government officials from enacting laws that would curtail it. CNNMoney reports that it’s working. Cash Advance Lenders Contribute

Canadian Finance Organization Finds Payday Loans Fill a Legitimate Need

 While commonly viewed as an unfavorable product, a new report published by the Canadian Finance Organization finds that payday loans fill a legitimate need. In times of financial distress, some Canadians may not have access to traditional sources of credit, making payday loans a necessary service. The finance board also noted that if regulatory bodies

What President Trump Means for Government Regulation of Payday Loans

The Consumer Financial Protection Bureau was created following the financial meltdown of 2008. Authority to create the CFPB came from the passage of the Dodd-Frank Act, support for which was sharply divided along party lines: Democrats loved it, but Republicans despised it. Over the years, Republicans have made repeated attempts to rein in the CFPB’s

South Dakota Caps Interest Rates on Installment Loans at 36 Percent

Not only did South Dakota voters embrace Donald Trump as their new president, but they also put the kibosh on high interest rate installment loans. South Dakota capped interest rates on installment loans at 36 percent. The state’s voters also stamped down a similar measure for car title lenders. South Dakota Votes to Restrict Interest

Online Lenders Distance Themselves from Cash Advance Loans

With federal regulators turning a Sauron-like eye toward lending practices, the industry is considering a popular Washington maneuver, which is to show lawmakers that it can regulate itself without the government stepping in. To this end, online lenders are distancing themselves from cash advance loans. Taking a Step Back from Cash Advance Loans Online lenders

Using Cash Loans Wisely – Ensure Your ROI Exceeds Your Interest Rate

While the economy is improving, low wages and poor credit are causing millions of people to continue to struggle with their finances. If you’re one of them, a cash loan may help your situation, but when it comes to borrowing money, it’s important to do it the right way and avoid becoming mired down in

When Long-Term Installment Loans Become Long-Term Problems

Regulatory action has caused a number of payday loan lenders to switch lending gears and offer long term installment loans. The change has come because loans with extended repayment terms have been largely ignored by policymakers. While this transition initially gave the appearance of making it more affordable for people to take out small dollar

Online Installment Loans May Soon Face Onerous Obstacles

Online installment loans may soon face onerous obstacles from the bureau and other regulatory agencies. Over the last year, U.S. policymakers turned their regulatory eye toward the online lending industry. The Consumer Financial Protection Bureau, or CFPB, has released a set of proposals that will affect lenders regardless of their processing platform. Because of this,

Bad Credit Installment Loans – A Bad Choice Isn’t the Only Choice

When people resort to bad credit installment loans, they often do so because they’re in a tough financial spot. While middle-class and wealthy consumers generally have access to several borrowing sources, those who are on the low side of the annual income scale are usually forced to borrow money from payday loan and installment loan

Online Payday Loans Run Afoul of State Regulators

Online payday loans have been subjected to a great deal of scrutiny in the last 10 years as well as scathing criticism. Because the federal government left the regulation of payday loans to each individual state, the applicable laws were based on the physical location where the lender made the loans. As certain states moved

Do Cash Loans for Your Small Business Justify the High Interest Rates?

If you operate a small business, you undoubtedly understand the concept of profit and loss. You know that when your expenses increase, your profits decrease. You strive to control your overhead and labor costs, negotiate with suppliers for the best prices and closely monitor expenses such as the interest rates you pay. However, there are

Installment Loans for Bad Credit Borrowers — CFPB Regulations May Soon Eliminate Them

The Consumer Financial Protection Bureau, commonly called the CFPB, is a federal agency that was created under the authority of the Dodd-Frank Act. The CFPB’s jurisdiction includes credit unions, debt collectors, banks, securities firms and even payday lenders. Since its inception, the CFPB has been especially critical of lenders offering credit products to subprime borrowers,

Loans for People with Bad Credit — Are the High Interest Rates Justified?

One way that lenders can reduce their risks is to charge higher interest rates for loans to people with bad credit, but is this approach justified?Lenders have long known that there is a correlation between how borrowers have handled credit in the past and how they will handle it in the future. If the borrower’s

Online Cash Advance Availability May Soon be a Bygone Relic

Millions of borrowers have found that online cash advances can be an excellent option for dealing with unexpected expenses. Many borrowers cite the convenience of an online loan; the application can be handled from the comfort of the borrower’s home. Other borrowers appreciate the privacy afforded by an online cash advance; coworkers, neighbors or relatives