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 request extra funds online, but the ease of getting a
For years, easy payday loans have provided a financial lifeline for millions of Americans facing unexpected expenses or variable incomes. However, the Consumer Financial Protection Bureau has had payday lenders in its sights almost since the watchdog agency was created following the economic crisis of 2008. How the CFPB Threatens the Future of Easy Payday
Personal installment loans and other forms of small-dollar credit are not known to be viewed favorably by most legislators who are Democrats. Especially in the aftermath of the financial crisis of 2008, the issues involving the short-term loan industry have tended to be divided along party lines. Democratic representatives and senators were more likely to
Payday loan stores first began appearing in Utah around 1984. According to the Deseret Morning News, by November 2005, the state boasted more than 380 payday lenders. Business was thriving, due in part to Utah’s laws that were relatively friendly to the industry. However, in 2016, almost 17 percent of the storefronts in the state
Cash advance loans, which are sometimes referred to as payday loans, are short-term loans that are typically due on the borrower’s next payday. In recent years, lenders offering these loans have faced increasing criticism from the Consumer Financial Protection Bureau and other agencies, including the Federal Trade Commission. Despite the negative publicity, however, cash advance
It is not always easy to find the money to launch a new business. Traditional business loans are normally not an option for a fledgling business; lenders prefer to make loans to companies with established records of sales and expenses. However, insufficient funding is one of the leading reasons that new businesses fail. Caught between
Online installment loans may soon face onerous obstacles from the bureau and other regulatory agencies. Over the last year, U.S. policymakers turned their regulatory eye toward the online lending industry. The Consumer Financial Protection Bureau, or CFPB, has released a set of proposals that will affect lenders regardless of their processing platform. Because of this,
One way that lenders can reduce their risks is to charge higher interest rates for loans to people with bad credit, but is this approach justified?Lenders have long known that there is a correlation between how borrowers have handled credit in the past and how they will handle it in the future. If the borrower’s
When people resort to bad credit installment loans, they often do so because they’re in a tough financial spot. While middle-class and wealthy consumers generally have access to several borrowing sources, those who are on the low side of the annual income scale are usually forced to borrow money from installment loan lenders. However, bad
You don’t always need to borrow money to cover emergency expenses. When people need cash now–regardless of why–many turn to payday loans, credit cards, auto title loans, second mortgages and loan products from banks and credit unions, but each of these fixes increases your total indebtedness and could trigger a downward spiral of debt. Taking
