Payday Loans
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Scammers target payday loan customers

Many of us in this tight economy are living from paycheck to paycheck. Payday loans can be a resource for people living close to their means when unforeseen expenses occur. Scammers, however, are preying on these already financially stressed people with threatening phone calls, trying to bully them into paying non-existent debts. Lenders bound by
John Rockefeller

Cash advance lenders do not make huge gains

The way payday loan and cash advance lenders are talked about, people may think they sit atop piles of cash. Contrary to popular belief, short term loan lenders aren’t the extortion artists many believe they are. In fact, the typical payday loan lender doesn’t make a lot from loans. The profit margins are pretty slim.
The Kentucky capitol building.

Payday loan reprieve: Kentucky House Bill 182 fails to pass

Kentucky lawmakers who stood behind House Bill 182 are now wallowing in the agony of defeat, reports the Louisville Courier-Journal. The proposed legislation that would have cut the APR payday lenders may charge to 36 percent was voted down 13-10 in the Kentucky House Banking and Insurance Committee. Military loans remain capped at 36 percent
Credit union sign

Credit unions enter the payday loan business

Credit Unions, which are generally considered more trustworthy than traditional banks, are more and more frequently offering short term loans that rival payday loans in many aspects. This change comes in response to new federal guidelines. Many analysts find this trend disturbing, while others see it as offering credit union members more options. Many find
Shot of the Rhode Island capitol building, taken from a distance, down a tree-lined walkway.

Rhode Island payday loan bill seeks strict interest rate cap

Just as He-Man had his infamous “By the power of Grayskull!” battle cry,  opponents of payday loans continue to cry for cartoon-like 36 percent APR interest – cartoonish because 36 percent has been proven numerous times to be well outside the bounds of practicable business reality. Yet legislators in Rhode Island, led by sponsor Rep.
Mississippi Capitol

Mississippi Congress stalls on payday loan legislation

The Mississippi state legislature has stalled a bill that would further regulate payday loan lending in the state. States have increasingly passed legislation regarding payday lenders, usually to reduce interest rates. The new regulatory bill is stalling as legislators cannot agree on terms. Payday loan regulation bill stalls in Mississippi legislature The state legislature of
A demotivational poster for unemployment. An Imperial storm trooper from “Star Wars” sits alone on the subway. The caption reads: “Unemployment: Sucks when your job gets blowed up,” referring to the destruction of the Death Star.

Killing payday lending does not fight poverty

Jobs fight poverty. Gainful employment grants motivated, enterprising consumers with the means to provide. Yet groups like the Anti-Poverty Coalition of Greater Dallas seem to have missed the memo, suggests the Payday Pundit. The Dallas Observer reports that the Dallas coalition is working hard to shut down personal loan and installment loan companies in Texas,
Mark Sanford, current governor of South Carolina.

South Carolina House overturns veto of payday loan bill

On June 7, South Carolina Governor Mark Sanford issued a veto of H.3790, a payday loan bill that would have extended the payment term of the standard loans to an untenable 120 days or more while still requiring the same fees. Furthermore, H.3790 would have eliminated unsecured loans in South Carolina and outlawed the common
Fountain Pen nib

Wisconsin passes payday lending regulations

After deliberations of some time, Wisconsin Governor Jim Doyle signed the bill that put further regulations on payday lending in Wisconsin.  There are a bevy of new rules regarding Wisconsin payday lenders, but most significant is the outlawing of title loans in the state.  The bill also contained regulatory statutes for other industries, including dairy
A screenshot of www.pawnamerica.com, Pawn America's website. It is divided into easily to navigate sections, including their eBay store.

Pawn America | Bringing value to every customer

During this recession, pawn shop companies like Pawn America (See www.pawnamerica.com) have provided a valuable service for cash-strapped consumers. Secured loans in exchange for collateral property have been a popular service for hundreds of years, but companies like Pawn America have got it down to a science. As they state on their website, they see themselves as
Payday loan store

Virginia working to reduce use of payday and car title loans

The state of Virginia has been on the front lines of regulating short term loan lenders like payday loan and car title loan companies in attempt to reduce their use. Both consumer finance products have been subject to stricter legislation that has dramatically reduced the use of such products. Car title loan lenders operating without
E. 38th St and Mass Ave.: Former Roselyn Bakery at the corner of E. 38th St. and Massachusetts Ave. in Indianapolis.

Iowa Catholic Conference pursues payday lending limits

Bloomberg reports that payday lending is under fire in Iowa, a state where lending laws are already among the tightest in the nation. Payday loan rollovers are forbidden and fee limits are less than permissive, but consumer advocates that include members of the Iowa Catholic Conference and National Association of Social Workers are lobbying the
Payday loans

Texas lawmakers propose SB 253 and HB 410 to limit payday loans

In Texas, there are more than 3,500 payday lenders. Two new pieces of legislation — Texas SB 253 and Texas HB 410 — have been introduced as a way to limit this short-term lending. Both of these bills seek to redefine “Credit Service Organization” to exclude payday loan stores. The Credit Service Organization exemption Texas
Credit report

Selling credit reports to payday lenders gets Teletrack fined

Credit reporting agency Teletrack, which specializes in subprime credit reports, has been fined by the FTC for selling credit reports illegally. The agency was found to have sold credit reports to payday loan lenders and has to pay $1.8 million in fines to the Federal Trade Commission. Company cited for selling credit reports for marketing
Loan

Reno’s mishandling of short term loans going uninvestigated

The city of Reno, Nevada, has found itself in a tough position. The city mishandled short-term loans that were supposed to be paid back in one year. The city’s failure to understand the terms, however, means these loans will be stretched out over 10 years. Reno’s short-term loans The state of Nevada provided more than
seeing through a payday loan debt collection scammer

Be on the lookout for payday loan debt collection scams

A payday loan debt collection scam has been victimizing consumers in Illinois. Con artists posing as debt collectors have somehow obtained the phone numbers and personal data of current and former payday loan borrowers. Reaching their targets on the phone, the fraudulent payday loan collectors use scare tactics such as bullying and the threat of