Business News You Can Use

Installment Loans Command Growing Market Share for Small Dollar Loans

To keep their finger on the pulse of the financial wellbeing of everyday Americans, organizations like the Center for Financial Services Innovation, or CFSI, completes money-based studies and surveys. A recent assessment found that underserved American consumers paid an estimated $141 billion in interest and fees during 2015. These fees were generated from $1.6 trillion

Cash Advance Industry May Find Relief Under New Administration

Once the Trump administration gets its hands on the Consumer Financial Protection Bureau, or CFPB, small-dollar lenders are sure to enjoy a lot less scrutiny. The cash advance industry may find relief under the new administration since Trump’s people are sure to overhaul the country’s consumer watchdog agencies. A Business-Friendly Administration may Give the Cash

The States are Already Capping Payday Loan Fees – Is Federal Oversight Necessary?

Federal oversight of banking laws and lending practices has become redundant and unnecessary because many states are already capping payday loan fees and interest rates. The federal government’s high-profile campaign against the payday lending industry, which has been spearheaded by the Consumer Financial Protection Bureau, amounts to overkill according to many critics of the agency.

Payday Loan Caps Already Destroying Businesses

Rate caps on payday loan products are already forcing payday lenders and traditional lenders to close shop, which critics suggest would impose great hardships on average families who have low credit scores in the 500s and low 600s. reports that the regulatory changes proposed by the CFPB could well do more harm than good.

Payday Loan Market Shrinks 23% in 2016

Storefront and online payday loans decreased 23 percent in 2016, according to information released by the Center for Financial Services Innovation, also known as CFSI. Some of the decline is due to payday loan borrowers shifting to bad credit installment loans or other subprime credit products. However, the CFSI study also revealed some alarming statistics

How a Trump Presidency May Help the Cash Advance Online Industry

The cash advance industry has been under fire for several years. Critics charge that the rates are excessive and that borrowers can become trapped in a cycle of debt. In June 2016, the Consumer Financial Protection Bureau released its proposed rules to regulate lenders how offer payday, title, personal installment and cash advance loans. The

Good Budgeting Eliminates Need for Costly Online Installment Loans

There are many kinds of online installment loans, and these include bad credit installment loans for people with low-to-medium credit scores. Loans can prove to be lifesavers when financial emergencies arise, but they often carry high interest rates. Over time, the extra money that you spend servicing your debt can easily generate severe financial difficulties,

Bounced Check Fees Exceed Cash Advance Loan Fees by Billions

Bank overdraft fees have begun drawing more opposition than cash advance loan fees because these unexpected costs often trap consumers in cycles of debt. According to an article posted at, overdraft fees often lead to additional bounced checks, and the costs multiply out of control. Many consumers face impossible challenges to cover these costs.
CFPB Set to Eliminate the so-called Payday Loan Debt Trap

CFPB Aims to Eliminate the so-called Payday Loan Debt Trap

The payday loan industry actively tries to trap people in cycles of debt that the Consumer Financial Protection Bureau is attempting to eliminate, according to a recent article posted at A payday loan is typically a short-term loan of between $100 and $500 that consumers can easily obtain when they need small amounts of

Overdraft Fees of up to 17,000 Percent Make Online Installment Loans Look Cheap

A recent analysis conducted by CNNMoney and SNL Financial found that three of America’s largest banks, JPMorgan Chase, Bank of America and Wells Fargo, made more than $6 billion from just overdraft and ATM fees last year. The excessiveness of the fees caused so much frustration throughout the country that they became an issue during

So-Called Holiday Loans are Simply Payday Loans Under a Different Name

The holidays are a stressful financial time for many people. During the Christmas season, expenses start to escalate due to the need to pay for travel, parties and gifts. When unplanned expenses put a strain on the budget, Christmas loans may become a tempting option. However, these so-called Christmas loans, or holiday loans, are simply

Online Cash Advance Loans Rife with Fraud, FTC Warns

Cash advance loans advertising quick money is a temptation for those who are experiencing a cash shortage. However, online cash advance loans are rife with fraud, FTC warns. According to the Federal Trade Commission, lenders don’t always follow regulations. They violate the law by lying about fees and by requiring cash advance borrowers to give

A Payday Loan Make the Holidays Even More Expensive

If money is tight during the holidays, then using a payday loan to cover Christmas costs is tempting since the lending option gives borrowers access to hundreds of dollars. However, payday loans make the holidays even more expensive. High fees cause the interest rates for payday loans to escalate to outrageous levels, increasing the price

Pawn Shops Offer a Cheaper Alternative than a Payday Loan

Pawn shops tend to get a bad rap. These businesses are often lumped into the same category as payday loan and auto title loan lenders. However, pawn shops are a cheaper alternative than payday loans. Pawn shops operate by giving people loans with personal property as collateral. Many shops allow loan borrowers to repurchase their

A Personal Slush Fund for when You Need Money Now

An unexpected expense can wreak havoc on your monthly budget or leave you scrambling to find a way to cover the bill. However, according to a report appearing in USA Today, many Americans do not have the savings to cover an unexpected expense of $1,000. Approximately 75 percent of households earning less than $50,000 per

Overdraft Fees Add Hundreds to the Cost of Payday Loans

Borrowers who take out payday loans should understand that it’s critical to be able to repay these loans as agreed, or they could face high overdraft fees and additional interest charges for financing their loans for longer periods if the money isn’t in the bank to cover any scheduled payments. Unfortunately, payday lenders don’t control

Cash-Strapped Students are Turning to Cash Advance Loans

With cash-strapped students turning to cash advance loans for financial aid, it’s time for government agencies to do some soul searching. While short-term lending provides immediate relief, it also results in students falling deeper into debt. Recent studies and surveys confirm the depth of this problem. Broke Students are Searching for Financial Aid from Cash