BBB tackles the topic of new payday loan ordinance

BBB tackles the topic of new payday loan ordinance

Beginning November 9th, a new Corpus Christi ordinance will take effect regulating payday loans. However, some confusion may already exist between lenders and consumers as to how it works. According to the city, the ordinance was made in order to reduce abusive and predatory lending practices. This means businesses may not issue payday loans that […]

Breaking the high-interest payday loan cycle

Breaking the high-interest payday loan cycle

https://www.usa-easy-loans.com I needed help paying some bills, so I took out a payday loan. I made my interest payments but couldn’t pay it back in full and wound up having to take another loan. And then another. Now it seems like there’s no way out, and I still can’t pay off my original bills. Is […]

Payday loan stats in Alabama staggering

Payday loan stats in Alabama staggering

The numbers are astonishing. In the first 10 weeks that payday lenders had to record their transactions on a statewide database, Alabamians took out 462,209 payday loans. Based on those numbers, Alabamians are on course to take out just over 2.4 million payday loans on an annual basis. An industry representative tried to defend payday […]

My view: An opposing view on payday lending

My view: An opposing view on payday lending

About a week ago, the Utah Department of Financial Institutions (DFI) — the regulator for financial services including banks, credit unions and payday lenders — released its annual report. The Utah Consumer Lending Association is pleased with the results that Utah’s laws are protecting borrowers and allowing credit choice. However, the misleading discussion surrounding one […]

Why don’t payday lenders give us all the facts?

Why don’t payday lenders give us all the facts?

National payday lender executive Dennis Shaul is correct in pointing out that just because a payday loan is stretched out to 10 weeks does not mean the borrower has defaulted. What does this mean for the borrower? Have they rolled the original loan over several times? Do they now have several outstanding loans to cover […]

Thousands of payday loan customers set for refunds totalling £15.4m as watchdog cracks down on leading lender

Thousands of payday loan customers set for refunds totalling £15.4m as watchdog cracks down on leading lender

A payday lender has been forced to refund £15.4million to thousands of customers after a probe by the city watchdog. Dollar Financial UK, which owns brands The Money Shop, Payday UK, Payday Express and Ladder Loans, has been forced to compensate 147,000 customers in the coming months who suffered as a result of its affordability […]

Jarring statistics in payday loan database

Jarring statistics in payday loan database

Critics of these laws argue that it’s up to the individual to decide whether such safety devices should be used because they’re the only ones who would be potentially harmed by failing to use them. Recent legislative efforts to rein in lower-rung lenders brought some changes, but also revealed how far too many borrowers wind […]