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Payday Cash Advance Companies See Complaints Triple in a Year

Over the last year, complaints against payday cash advance loans have tripled. According to the annual Financial Ombudsman Service report, complaints have grown because these loans are incredibly easy to get, so more people are getting them and being affected by them. Research shows that advance cash companies have seen their complaints triple in a
Free markets allows for pay day loan stores

How the Free Market Can Reform the Pay Day Loan Industry

The pay day loan industry has been under attack for many years, but the latest broadside fired by the Consumer Financial Protection Bureau has the potential to sink the industry. The new regulations are so burdensome that even many credit unions and small banks say that they would lose money on small-dollar loans if forced
Cash advance lenders face pile of regulations

Finalized Advance Cash Loans Regulations More Limited in Scope

Those in the know are predicting that the Consumer Financial Protection Bureau, or CFPB, will be releasing its final advance cash loans regulation soon. These experts now believe that the finalized version will be more limited in scope than what the agency initially proposed. This news likely has the payday loan industry and cash-strapped borrowers
Lost without personal installment loans

New Installment Loan Rules Leaves Millions with Nowhere to Turn

In the next few weeks, the Consumer Financial Protection Bureau, or CFPB, will be wrapping up its payday lending rule, the one that has caused contention between lawmakers and government agencies. The bureau’s new lending rule will put limits on the kind of installment loans that many borrowers seek when they’re facing a financial problem.
Pay day loans face a bruising battle

Pay Day Loans Face Bruising Fight Over the Industry’s Future

New U.S. regulations are on the way, and they’re ones that could put a serious dent in the profits of the pay day loan industry. Any day now, the Consumer Financial Protection Bureau, or CFPB, is expected to propose a set of official rules that will put the payday loan industry in check. Lobbyists as
Experts debate the payday cash advance industry

Should the Payday Loan Industry be Allowed to Exist? Experts Weigh In.

In some circles, a payday cash advance is being proclaimed as one of the worst financial decisions that any American can make. Critics cite the high interest rates charged by the payday loan industry, the prevalence of low-income borrowers and the tendency of many borrowers to renew their loans or obtain multiple loans as evidence
working man pondering pay day loans

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
Single-mom-applies-for-payday-loans

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
Installment loan street sign

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
Stores offering advance cash loans

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
quick payday loans application

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
Small Payday Loan 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

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