Payday Companies Fight Back
September 2, 2010 at 1:45 p.m.
Angered and frustrated by new laws that are putting many payday loan lenders out of business, new attacks are coming from the payday loan industry that claim the laws as unfair and even ridiculous. Reports are coming in from all over the country where this argument is taking place. One coming out of Colorado follows:
read full postNew Payday Loan Laws in Colorado
September 1, 2010 at 1:44 p.m.
As legislators work to regulate the payday loan industry in many states, a number of these are being brought to the table. Currently, the discussion is about origination fees. In Colorado, a new law requires that payday loan lenders are required to pro-rate the origination fees if the borrower pays off the loan early.
read full postMontana Vote Could Change Payday Industry
August 31, 2010 at 12:51 p.m.
In Montana, a recent discussion is heating up about whether or not to include a new law on the voter’s ballot in November. The law would put interest rate caps on payday loans . Many opponents, though, say that the law isn’t fair to the industry and that is isn’t clearly stated on the ballots.
read full postScam Artists Target Payday Loan Customers
August 30, 2010 at 12:03 p.m.
As a sort of public announcement, I wanted to make sure this word got out. A fairly new scam, involving persons that have taken out the payday loans in the past, tries to coerce consumers into paying money for loans that are already paid off. Here is the latest:
read full postThe Cost of a Payday Loan
August 29, 2010 at 11:28 a.m.
With the recent news and controversies circulating the payday loan industry, you may wonder what all these high interest rates really mean. Those in the payday loan industry argue that lawmakers are quoting exorbitant annual interest rates (like 1,000% APR) out of context. Hopefully this article from England gives a bit more insight:
read full postAbout Instant Payday Loans
August 28, 2010 at 12:27 p.m.
Once in a while, I like to report some general information about payday loans . Recently I came across an article that, though it comes from England, is at least moderately helpful in understanding what an instant payday loan is and can be used for. Here is a piece of the article:
read full postFood Pantries, Payday Loans Help
August 27, 2010 at 12:47 p.m.
With tough economic times, it is difficult enough to find work to make ends meet. But imagine that you are unable to work because of injury or sickness? Many across the country find themselves in this unfortunate situation and they often rely on two services that help them get through the really tough times—food pantries and besides payday loans :
read full postPawn Shop Owners Lobby for Place in Community
August 26, 2010 at 10:46 a.m.
Residents of any community have the right to inquire and should be concerned about the kinds of businesses entering their area. Recently, a community met with pawnbrokers interested in opening shop in their neighborhood. Members of the community were concerned about stolen property being sold. The pawnbrokers made a presentation, covering a host of topics from firearms to cash advance :
read full postCompare Loans First
August 25, 2010 at 12:45 p.m.
There are a lot of options out there for taking out loans. Depending on your personal needs and financial situation, you may be looking for anything from an auto loan to a cash advance to an online personal loan. The key, though, is that you do your homework first. Remember that all companies, no matter the industry, are hungry for your money. They may just sell you a loan that really isn’t the best fit for you. Here is a little information to help you know what different loans are for:
read full postPawnbrokers Loan Option as Well
August 24, 2010 at 2:10 p.m.
If you are in need of a loan, certainly you looking to go to the best place possible. It is always imperative that you do your homework first and that you understand the terms of loan and the reputability of the company from whom you are borrowing. It is good to know your options, though, and that is why I am reporting today on another option besides payday loans : going to a pawnbroker. Here is what ecomparison.com says:
read full postPayday Loans Popular in England
August 23, 2010 at 2:09 p.m.
Recent studies are showing a significant increase in the number of payday loans being taken out by the average consumer. Of course, this means big business for those in the industry, but it also suggests something about the economy. Here is what is happening in England:
read full postBill Effectively Puts Colorado Companies out of Business
August 22, 2010 at 10:56 a.m.
A few days ago I reported a new bill that has been passed in Colorado, capping payday and other similar personal loans at 45%. While 45% may sound like a high interest rate for a loan, the fact is companies cannot make a profit on that with operating costs. So, this new law basically shuts down the business of payday loans in Colorado. Here is the most recent update coming from PR Newswire:
read full postPayday Loans Cheaper than Banks
August 21, 2010 at 10:18 a.m.
With the widespread rumors (and, in some cases true statements) floating around about the predatory lending that takes place in the cash advance industry, it might be easy to simply looks to banks instead to get the right interest rate on a loan that you need to hold you over for a few days. But a new report out of Great Britain suggests that even banks might be trying to gouge consumers. Here is the report:
read full postStates across the country have been working to cap interest rate
August 20, 2010 at 10:45 a.m.
If you are currently in a situation that might require a loan, you may be asking yourself if a payday loan is right for you. Certainly different people in different situations have different needs. A recent article outlines some things to consider as you make your choice:
read full postColorado Joins Other States in Capping APR
August 19, 2010 at 11:16 a.m.
States across the country have been working to cap interest rates on personal and payday loans. While this may sound like a positive thing for consumers, we have to question what I reported on Tuesday: are these supposedly high rates really put into context? Can the payday loan industry survive on 45 percent rate caps? Here is what Colorado is doing:
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