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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 are simply payday loans under

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

Rules Curbing Cash Advance Loans in Republican Crosshairs

Sweeping reform in the direction and tone of congressional legislation is increasingly likely under unified Republican control of the executive and legislative branches of government, and one of the biggest items on the conservative agenda is replacing Dodd-Frank and the CFPB’s regulations of cash advance loans and other financial products. Rep. Jeb Hensarling, who chairs

How Online Payday Advance Lenders Bypass State Laws

Payday advance lenders face increased regulations and a challenging job in trying to reform the industry’s image under increased regulatory efforts at the state and federal levels. Many responsible lenders are working within trade associations and trying to comply with new regulations from the states and the CFPB, but maverick lenders paint all short-term lenders

Providers of Online Installment Loans Face Continued Scrutiny

Online installment loans face increased scrutiny that also applies to payday lenders, banks, credit unions and alternative lenders such as Native American lenders who don’t necessarily have to follow state and federal regulations. The intention of the Dodd-Frank Act of 2010 and its creation of the Consumer Financial Protection Bureau was to protect families with

Does the Convenience of a Cash Advance Online Justify the High Price?

Few financial services have raised as many issues and concerns as getting a cash advance online, but what are the facts? The payday loan industry makes these loans available to most applicants who don’t abuse the process or default on their loan obligations, but critics have attacked the industry because of its high interest rates.

Payday Loan Regulations Exceed CFPB Mandate, Lawmakers Accuse

Controversy has surrounded the Consumer Financial Protection Bureau and its self-imposed mandate to regulate the payday loan industry and other financial services. Republican lawmakers have been among the most vocal critics of the agency since its creation was authorized by the Dodd-Frank Act. Supported by President Obama, most Democratic lawmakers and consumer-protection advocates, the CFPB’s

The CFPB’s War on Installment Loans Hurts the Very People it Claims to Protect

The Consumer Financial Protection Bureau’s war on installment loans disenfranchises the people that it’s charged with protecting according to a report posted at Investors.com. The agency not only exceeds its legislative mandate but also uses questionable tactics that generate de facto legislative actions by enforcing laws that have not been passed by any legislative body.

Cash Advance Loan Industry May Benefit Under Trump Administration

The Consumer Financial Protection Bureau, the agency created after the financial meltdown of 2008, has taken aim at the cash advance loan industry almost since the agency opened its doors. The CFPB’s latest attack is in the form of proposed rules that many people believe would “regulate cash advance loans out of existence.” The proposed

Payday Loans Online Increase Consumer Choice, Despite Critics

Lenders who offer bad credit loans, including payday loans online, personal installment loans and auto title loans, have come under increasing attack in recent years. The Consumer Financial Protection Bureau, or CFPB, has been the most vocal critic of these bad credit lenders. The CFPB published its proposed regulations for short-term, small-dollar loans in June

CFPB Continues War on Cash Advance Loans

The Consumer Financial Protection Bureau, more commonly referred to as the CFPB, can trace its origins to the 2008 financial meltdown. Authority for the creation of the CFPB stems from the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was named for the bill’s sponsors, Sen. Chris Dodd and Rep. Barney Frank. The Dodd-Frank