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Pay Day Loans Users Punished by Same Banks who Bounce their Checks

When banks won’t lend, people with poor credit often turn to pay day loans. When borrowing money from a bank, many factors are considered before a traditional financial institution will issue a loan, online or off. These factors include the borrower’s annual income, credit history and debt-to-income ratio. If a loan consumer fails the bank’s
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If Payday Loans are Killed Off, what Takes their Place?

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 payday advance loans, and most internet loan borrowers support the

Use of Installment Loans Skyrockets as Market Share Explodes

To keep their finger on the pulse of the financial well-being 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 Looks Towards Trump for Regulatory Reprieve

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

Payday Loans: Targeted by the CFPB and Demonized by Clinton

A new study released by the Consumer Financial Protection Bureau, or CFPB, targets the beleaguered payday loans industry with yet another charge of malfeasance. Apparently, these lenders are trying too hard to collect their legal debts from borrowers. JDSupra.com reveals that the report, which was published before the CFPB released its long-awaited guidelines on June
Payday Loans Application

Why Payday Loans are Here to Stay

Despite intense publicity over the past few years, payday loans are here to stay regardless of the opposition of consumer groups and the Consumer Financial Protection Bureau. The agency was created by the Dodd-Frank Act to regulate the financial industry after the excesses of Wall Street and the banking industry led to the 2008 financial
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The Role of Small Loans in Today’s Consumer Economy

Small loans are quickly gaining influence that extends beyond their percentage of the economy. Smaller online lenders increasingly employ cutting-edge digital tools to provide their customers with faster decisions, expanded access to lending associates and greater credit options. A healthy market for small loans can stimulate business, increase the Gross Domestic Product, or GDP, and

Could Payday Loans Online Become a Thing of the Past?

Rate caps were all the rage a few years ago with voters in a slew of states approving caps to the interest rates for payday loans online. At the time, the industry predicted that many stores would go out of business, and they were right. According to Governing.com, about a year later, payday loan lenders

Five Critical Mistakes to Avoid When Using Fast Loans

In recent years, lenders offering fast loans, including payday lenders and online lenders making installment loans to borrowers with poor credit, have been under attack. The Consumer Financial Protection Bureau and other agencies have been extremely vocal about the dangers of short-term, high-cost loans. However, these types of loans can be a lifeline for the

7 Reasons why Easy Loans Should be Avoided at all Cost

Easy loans aren’t always the best financing option, and they’re almost never a wise solution when your income already doesn’t stretch far enough. The temptation to borrow increases as a direct result of how easy it is to apply and get approved for a loan. However, easy and quick loans should be avoided except in

5 Benefits of Secured Loans When Starting a Business

There are many benefits of getting a secured loan to use in your business. Business lending grows increasingly difficult to obtain in today’s economy. You have to show your business records, profit and loss statement and financial projections in a sound business plan. Your credit scores–both personal and business–affect whether your loan is approved. If

Should Loans with Poor Credit Requirements be More Regulated?

Increasing controversy surrounds the question of whether loans with poor credit should be more strictly regulated by the federal or state governments. Democrats passed the Dodd-Frank Act of 2010 to address the abuses of lenders that caused the mortgage crisis of 2008-2009. Supporters of greater regulation feel that many short-term and bad credit loans take

Fast Loans aren’t Always Good Ones: Here’s Why

Loans today enjoy a faster approval process, so it’s rarely necessary to select a lender based on advertising claims of fast loans or quick approvals. Faster approvals can encourage reckless behavior and convince normally cautious people to borrow more money than they can afford to repay. The faster the loan, the more likely there are

Bad Credit Loans Are Here to Stay – Despite Tighter Lending Standards

Bad credit loans seem likely to continue despite tighter lending standards and increased federal and state regulations. The debate over regulating the financial industry with tough reforms, limits on interest rates and other requirements has seesawed back and forth. Democrats created the Consumer Financial Protection Bureau to regulate the financial industry after mismanagement became apparent

How to Use No Collateral Loans to Start a Small Business

Regardless of the type of small business that you want to start, it may be possible for you to find no collateral loans that you can use to start your small business. You will need a certain amount of cash. If you have been unable to save enough to purchase the tools you will need,

Small Loans Industry Thriving, Despite Regulatory Assaults

The financial sector saw changes following the Great Recession; one such change was the shift to small loans. Borrowers are taking out small loans with bad credit at an ever-increasing rate. While this is good for the burgeoning industry, the sector’s growth is catching the eye of regulators like the Consumer Financial Protection Bureau or