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Small Loans Industry Thriving, Despite Regulatory Assaults

The financial sector saw changes following the Great Recession; one such change was the shift to small loans. Borrowers are taking out small loans with bad credit at an ever-increasing rate. While this is good for the burgeoning industry, the sector’s growth is catching the eye of regulators like the Consumer Financial Protection Bureau or

Online Loans Continue to Rapidly Gain Market Share

There is a good reason online loans continue to gain market share: with millennials reaching a point in their lives when they need and are able to borrow money, modern-day lenders are being forced to change the way that they do business. According to millennials, traditional lenders are sluggish when it comes to originating and

The CFPB Still Gunning for Payday Loans, Despite Trump

Many thought that the change of guard from a democratic to a republican president would cause the agency to be gutted, resulting in decreased regulations, but the CFPB is still gunning for payday loans, despite Trump being in office. After the Great Recession swept the nation, legislators were eager to avoid a repeat. To protect

Easy Loans Carry a Hard Price – Don’t Let One Bury You in Debt

As long as you have a checking account and steady income, it is tempting to click on one of the dozens of flashing advertisements for easy loans and it does not take much to get lured in. Many lenders do not require credit checks, which means you won’t get an inquiry ding on your FICO

Cash Loans Act Passes In Oklahoma, Cuts Interest Rates in Half

A bill capping interest rates for cash loans was recently introduced in the Oklahoma legislature according to a report posted at Reddirtreport.com. Unlike many bills limiting interest rates, this bill would cap interest rates at 17-percent interest per month instead of 36 percent per year. House Bill 1913 was submitted by Rep. Chris Kannady (R-Oklahoma

Payday Loans in America: A Brief Historical Overview

The payday loans industry evolved naturally in the United States as a result of deregulation, market forces, stricter FICO guidelines and the rise of Internet lending. An article at Loannow.com suggests that some form of the payday loan has been around since ancient times and includes loan sharks, personal lenders, store credit, bar tabs and

Bad Credit Loans are as Available as Ever, Experts Proclaim

An unfortunate reality of today’s financial world is that those who need to borrow money the most typically have the toughest time doing so. People who have bad credit may think that getting the money they need is impossible. However, bad credit loans are as available as ever for those who know where to look.

England Cracked Down on the Cash Advance Industry; the World Ended (Really)

In January 2015, Britain capped interest rates on loans issued by cash advance lenders. It did so in response to a growing concern by the Church of England and lawmakers. Their concern was about high interest rates on short-term loans. They were worried that these rates were sinking borrowers into a quicksand of debt. However,

Why Installment Loans are Here to Stay

With regulatory action heading down the pipeline for alternate lenders, companies that provide these loans must make lending changes. One such change is longer repayment terms, which is why installment loans are here to stay. The benefits of installment loans include predictable payment amounts, gaining access to funds quickly and more affordability. Lengthy Repayment Terms

CFPB’s War on Payday Loans Appears Doomed For Defeat

Payday loans, Despite intense publicity over the past few years, payday loans might be here to stay despite the opposition of consumer groups and the Consumer Financial Protection Bureau. The agency was created by the Dodd-Frank Act to regulate the financial industry after the excesses of Wall Street and the banking industry led to the

Payday Loans Given New Lease by Pending Regulatory Reforms

With Donald Trump in the White House, payday loans could be given a new lease on life by pending regulatory reforms. The game has changed regarding regulations in a number of sectors. At the start of his presidency, Trump announced that he would do a “big number on Dodd Frank.” This was the policy change

Small Loans Come Under Heavy Fire in Alabama

Small loans and their relatively high interest rates have recently come under attack by Alabama legislators according to a report posted at Jdsupra.com. 45 members of the Alabama House of Representatives recently proposed amending the Alabama Constitution to cap loan rates for any loan product including a “consumer loan, line of credit or other financial

Poor Credit Loans Essentially a Tax on Being Broke

Being poor can be expensive, especially if the problem is compounded by a bad credit score. Should an unexpected expense arise, borrowers with a negative credit history will be unable to qualify for a traditional bank loan, arrange financing with a retailer or use a credit card to cover the expense. In many instances, there

Small Business Optimism Explodes to Highest Levels in Decades

One of the most respected barometers of business confidence has determined that optimism soared to unprecedented levels in December of 2016 based on Donald Trump’s election and his pro-business agenda. Expectations for growth are the highest that they’ve been since late 2004. The NFIB gauge jumped 7.4 points, and seven out the 10 criteria were

Installment Loans Gain Favor Over High Interest Short-term Counterparts

A recent Center for Financial Services Innovation and Core Innovation Capital report completed to assess the country’s financially underserved residents found that installment loans are gaining favor over their higher interest short-term counterparts. This research report offers the nation’s lenders a glimpse of the amount that financially underserved people spend on interest and fees, helping

Better Options than Payday Loans for Bad Credit Borrowers

Cash-strapped people with poor credit scores can become desperate borrowers. In this situation, those in need of money may turn to any source for funds including short-term lenders, but when it comes to payday loans for bad credit borrowers, are there other options? For many, there may be. In fact, cash-strapped borrowers may have more

Nebraska Joins States Going After the Cash Advance Industry

In Nebraska, the cash advance industry is a thriving one. Companies that lend funds under cash advance terms have been charging excessively high interest rates and operating with few regulations. However, Nebraska is joining states that are going after the cash advance industry. Nebraska Becomes a Team Player by Targeting the Cash Advance Industry To