As much as money can talk nowadays, politicians are ultimately the ones with the power to implement and change policy, and incentivising their decision-making with money is an integral part of America’s current political system. This practice of donating money to our elected representatives is known as “lobbying.” One of the industries that is both a donor of campaign funds and majorly impacted by policy change is the payday loan industry.
Payday Loans Articles
Nov, 21, 2013
The war between the payday loan industry and anti-payday loan activists raged across America in 2013. This was not a war of bullets, missiles, and drones, but instead a war of legislation, political pressure, and lobbying. Like many long-lasting wars across the ages, the Payday Loan War experienced some interesting developments over the last year.
Oct, 28, 2013
Religion and money rarely mix well. When financial controversy arises in organized religion, it usually deals with corruption, greed or ill-informed spending. In recent years, the controversy has centered around several major denomination’s decisions to fight financial organizations and even compete with them.
Sep, 12, 2013
As months and years pass, the payday loan industry becomes more regulated and divided. Most states have at least one pending law that could limit or eradicate payday lending. Some laws pass, others fail, but what happens to the state itself? Loans.org spoke with financial writers, attorneys and consumer advocates who frequently cover the payday loan industry to see what impact the many forms of legislation have on the country’s lending economy. The Outcome of Legislation
Jul, 10, 2013
Proposed payday loan legislation is either for or against payday loan companies. While there are few exceptions, the opposing party tends to be consumer activists. Whenever laws regulating industries, such as the cash advance industry, are put into place, there are always winners and losers. The Payday Loan War has been going on for years. As a result, each “battle” has had its own winners and losers.
Jun, 28, 2013
Dana Williams no longer regards payday loans in a negative light. When the 36-year-old travel agent began her journey with payday loans, she experienced financial turmoil repaying her debts and was forced to roll-over the loans. But once she began to understand the short-term credit, she was able to use it to her advantage. Now, 10 payday loans in, she said she approaches them differently. She is now prepared to repay her debts if she ever needs a new loan. For her most recent payday loan, $700 to pay for several bills, she knew that sufficient funds were headed her way in the next couple days.
Jun, 26, 2013
Getting a payday loan sounds more and more like borrowing a financial ticking time bomb than money. Most media coverage talks about how “this legislation” or “that legislation” will curb or ban payday loans. This war on payday loans has been waging across the country ever since the cash advance lending industry began booming in both the online and offline realms. Politicians have been forced to define their positions on the matter, some claiming support, while others fight against short-term loans for people in need.
May, 24, 2013
History books record and remind consumers about the wars waged across the world. Without a solid record, what happens to the details for sub-level wars for financial and political issues? One such war is the battle between consumer advocacy groups and lenders over payday loans. Very few payday lenders existed two decades ago. In that time frame, the whole concept of consumer credit has altered the lending industry.
May, 6, 2013
Payday loans are viewed by most consumer advocates as the financial equivalent of a zombie virus. They just eat income and create a viciously repeating cycle that consumes borrowers’ money; much like zombies consume brains and human flesh while infecting other people into becoming zombies. However, these allegations are simply untrue. While no one really tries to become a zombie in most fictional stories, when it comes to payday loans, people willingly borrow them.
Mar, 19, 2013
America’s current approach to payday loan policy is that there isn’t a current approach to payday loan policy. While the federal government did “protect” soldiers from the potential pitfalls of payday loans with the Military Lending Act of 2007, there hasn’t been any type of federal legislation approaching that level of regulation for civilians. On a state-to-state level, payday loan regulation is a patchwork of regulatory levels ranging from draconian stifling to a hotbed of open lending activity.