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

Payday Loan Industry Defends Business Model as Feds Prepare Clampdown

Whether they offer payday loans online or through a physical store, payday lenders have been under attack for years. Many state legislators and municipal governments have enacted rules regulating the amount of interest lenders can charge for bad credit payday loans, how many loans a borrower can have at one time and how many times

How Tribal Payday Loan Companies Skirt State Regulations

Payday loan lenders are a wily lot. In the past, when states enacted laws in an attempt to curtail the industry, many lenders found workarounds. For instance, some cloaked themselves as different types of lenders while others modified the kind of loans that they offer. Lenders are also bringing Indian tribes into their companies. This

With Trump President, Is Obama’s Plan to Kill Installment Loans Now Dead?

Donald Trump’s victory in the 2016 presidential election took many people by surprise. Pollsters, political analysts, news anchors and even celebrities expressed shock that a Washington outsider could triumph over a candidate with Hillary Clinton’s history in politics. Clinton and Trump expressed views throughout their campaigns that were in direct opposition, including their opinions on

New Payday Loan Regulations May Weaken Those of States that Have Banned Them

The effort to protect borrowers from payday loan lenders may backfire in states where laws regulating these lenders already exists. Short-term loans with high interest rates are facing a lot of government scrutiny. In fact, Georgia has banned them entirely. However, new payday loan regulations may weaken the rules of the states that have banned