Business

The Ease of Getting a Cash Advance Online Carries a Stiff Price

With access to the internet, people are adapting to new ways to live. From ordering presents from Amazon for the holidays to paying bills online, the internet has made everyday life more convenient. This includes access to cash. Today, when money is tight, consumers can apply for extra funds online, but the ease of getting

Installment Loan Industry Thrives in Face of a Subprime Job Market

Proposed regulations are shaking up the short-term lending industry. Instead of selling borrowers payday and auto title loan products, many lenders are now in the business of installment loans. Reports show that over the last 20 years, this sector of the lending field has experienced major growth. In fact, the installment loan industry is thriving

CFPB Forced to Admit Most Payday Loan Testimonies Positive

While frequently vilified by government agencies and consumers who don’t need their services, the payday loan industry serves as a financial lifeline for millions of Americans. According to a 2012 report released by the Pew Charitable Trusts, people borrow more than $7 billion from short-term lenders annually. Despite this, state legislators and the Consumer Financial

Payday Cash Loan Regulations Move into CFPB Review Stage

Payday Cash Loan Regulations Move into CFPB Review Stage For the past few years, criticism of the payday cash loan industry has been mounting. Opponents of payday loans have included celebrities, elected representatives and various consumer groups. However, since June 2, the topic has been extensively covered by national and local media, leading many to

Life in States without Easy Payday Loan Availability

 A decade or two ago, state legislators typically paid little attention to the issue of payday loans. However, after the financial collapse that occurred in 2007, the federal government created the Consumer Financial Protection Bureau, and the CFPB began to research payday lending almost as soon as the agency was formed. The CFPB generated a

7 Reasons Why America’s Businesses Aren’t Investing In America

Powerpoint Presentation — 7-reasons-why-americas-businesses-arent-investing-in-america PDF Document — 7-reasons-why-americas-businesses-arent-investing-in-america After the Great Recession, it would seem that the U.S. economy is improving nicely. For instance, the country’s current unemployment rate is just half of what it was when it reached its lowest levels, personal wealth has grown by more than $20 trillion and the housing market

A New Credit Bureau Is Born for Payday Loans

A New Credit Bureau Is Born for Payday Loans The Consumer Financial Protection Bureau, according to Blog.credit.com, has defined the rough outline of a proposed new credit bureau for short-term and payday loan borrowers and lenders. This proposal has stunned many payday loan critics because the proposal could be viewed as acknowledging the industry instead

Payday Loans and Their Not-So-Friendly Replacement

Proposed regulatory action at the federal level has payday loan lenders making drastic changes to their product lines. Many lenders are now offering installment loan products as well. The not-so-friendly replacement to payday cash loans extends a borrower’s repayment terms, which has the after-effect of keeping people in debt longer. While these new loans are

Should Payday Loans Online Be More Strictly Regulated?

For years, consumer financial protection groups and regulators have warned the public about the dangers of borrowing funds from traditional storefront payday lenders. However, there’s less advice about payday loans online from a company that operates on the internet. Most states have regulations in place for payday loan lenders, but they seem to have more

Delaware Payday Cash Loan Lenders Find Creative Ways to Skirt Regulations

In an attempt to clamp down on predatory lending practices, Delaware’s legislators passed regulations in 2012 that limited the number of payday loans that a borrower could take out in one year. However, Delaware payday cash loan lenders found creative ways to skirt regulations, and it was business as usual. Delaware Payday Lenders Use Their

Installment Loans Gain Ground as Payday Loans Online Draw Fire

The payday loan industry has mastered the art of transformation. In the past, it’s done this by transitioning from operating out of classic storefronts to processing payday loans online as well as by offering title loans instead of traditional payday loans. With new federal restrictions on the horizon, the industry is finding that it needs

Nevada Attempts to Restrict Payday Merchants

Attacks on fast cash payday lenders have increased dramatically in recent years. At the national level, the Office of the Federal Register has published the final regulations proposed by the Consumer Financial Protection Bureau, commonly known as the CFPB. The new regulations take direct aim at payday lenders as well as lenders who offer title

Payday Loans – Are They as Bad as Some Make Them Out to Be?

Most of the payday loan industry’s criticism is politically motivated and calls to mind the classic meme of a scout trying to help an old lady across the street when she doesn’t want to go. Politicians are filled with good intentions to legislate from ivory towers while down-to-earth people struggle when they don’t have financial

Should Installment Loans Be Subjected to Interest Rate Caps?

Although many payday lenders offer installment loans as well as payday loans, the two products are quite different. Payday loans require repayment in full within a very short time, which can be as little as 14 days. Installment loans, however, are repaid through multiple monthly payments. Many different lenders, including credit unions and banks, offer

Oil Continues Decline as New Rigs Come On Line

American drivers have had to deal with fluctuating gasoline prices for many years. However, in February 2016, the average price for all grades of gasoline dropped to slightly more than $1.87, according to the U.S. Energy Information Administration. Prices crept up over the next months, peaking at almost $2.47 per gallon in June before declining

Cash Advance Industry Under Siege as CFPB Violates Dodd-Frank

Cash advance companies are being wrongfully targeted by the Consumer Financial Protection Bureau, or CFPB. The CFPB was created as a tool of financial reform in the legislative package that was authorized by the Dodd-Frank Act, but the law specifically includes terms that prohibit setting interest rate limits, as they are trying to do with