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Will Payday Loans Be Effectively Outlawed?

Everyone hates payday loans – except for the millions of people who use them. Newsweek reports that the critics of payday loans include consumer advocates, policymakers, law professors and members of the clergy. Even the president of the United States has made disparaging remarks about the industry. So, will payday loans be effectively outlawed? It

Installment Loans Online – Plenty of Options, All with High Interest Rates

When installment loans online are applied for by borrowers, they have plenty of options, but all come with high interest rates. While payday and title loans get a lot of negative attention for charging borrowers high fees, another type of loan has been flying under the media radar, and it’s one with interest rates that

For Small Cash Loans, Lenders Find Time is Running Out

Lenders of small cash loans are rightly concerned that policy changes could put them out of the cash loan business. The Consumer Financial Protection Bureau, or CFPB, has released a set of proposals that could certainly do so, but before making a decision regarding what terms the lenders of cash loans are permitted to offer

Payday Loan Lenders Indicted While Wells Fargo Criminals Walk Free

The recent indictments and judgments against payday loan lenders and the apparent “pass” being given to the criminals at Wells Fargo show just how far from ideal the American judicial system is. Most people have seen depictions of Lady Justice, the blindfolded personification of the legal system. She holds a balance scale in one hand

Installment Loans for Bad Credit Borrowers Patronized by Regulators

In June 2016, the Consumer Financial Protection Bureau released its proposed regulations for installment loans for bad credit borrowers. Although most of the attention has focused on the new rules for payday loans, the CFPB is also proposing new regulations for most installment loans for those with bad credit with an annual percentage rate of

Online Payday Loans do More Harm Than Good, State Critics

In the United States, more than 10 million people annually choose to take out online payday loans or from storefronts. For many, access to a payday loan can mean the difference between keeping the utilities on, feeding their families or repairing the car they need to go to work. However, payday lenders have been facing

Bad Credit Installment Loans Gain Market Share

As more and more payday lenders have shifted to offering bad credit installment loans instead of or along with payday loans, the market share for installment loans has increased substantially. For the past 20 years, payday loans have been a popular choice for small-dollar loans, especially among those with bad credit. However, in June 2016,

Critics of Cash Advance Loans Demean the Customer Base They Serve

The CFPB appears bent on destroying the cash advance loans industry with the new regulations that it has proposed. Are American adults so financially naïve that the government must dictate the types of credit products they can use? The Consumer Financial Protection Bureau seems to think so.  The agency is not alone in its campaign

The Case for Leaving the Payday Advance Industry Alone

The payday advance industry has received a great deal of criticism in recent years. Celebrities such as Sarah Silverman have publicized their opinions of payday loans, and President Obama has called payday advances “predatory.” In June, the Consumer Financial Protection Bureau, commonly called the CFPB, released its long-awaited proposed regulations for payday advances and other

If Payday Loans are Banished, Will Anything Better Replace Them?

One of the biggest questions that arises over the possibility that payday loans could be legislated out of business by the Consumer Financial Protection Bureau, or CFPB, concerns whether any comparable loans will replace these emergency, short-term loans. Consumers have come to depend on these loans, and most payday borrowers support the industry with high

Online Cash Advance Lenders Make a Mockery of Bans by States

A recent Washingtontimes.com article explored online lending and state bans of cash advance companies operating within their jurisdictions. The article mentioned that many of these lenders get around bans by ignoring state caps on interest rates and other regulations. Without storefront options, online cash advance lenders can still advertise extensively to deliver quick cash directly

Installment Loans Under Fire by the CFPB Regulatory Guns

The Consumer Financial Protection Bureau, which is usually referred to as the CFPB, has turned its attention to installment loans, after making a series of controversial pronouncements and recommendations for payday lending reform. The organization has consistently cut through traditional checks and balances to expedite financial reform in the wake of 2008’s mortgage and banking

How New Regulations Could Change the Payday Loan Industry Forever

The Consumer Financial Protection Bureau, or CFPB, has proposed drastic new guidelines that could change the payday loan industry forever. Key features of the guidelines include the following points: Full-Payment Test Customers must be investigated to see if they can afford to make the full payment as promised from a single paycheck. Lenders would also

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

5 Ways to Escape the Payday Loan Debt Trap (Really)

Millions of Americans take out payday loans every year. In fact, about 12 million of them do so. Consumers who borrow funds from short-term loan lenders take out an average of $375, and they pay an estimated $520 in interest. People often become stuck in payday loans because of financial emergencies. For instance, a desperate

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