Payday Loans Articles

Cowboy silhouette
Mar, 14, 2012
Jeff Merkley, a Senator for the state of Oregon, announced a piece of federal legislation he hopes to propose to congress that would greatly limit the practice of payday lending throughout the country. Merkley sent a letter to the Consumer Financial Protection Bureau’s (CFPB’s) director, Richard Cordray, for support in his quest to limit payday loans in the United States.
Payday Loans Scam
Mar, 1, 2012
The Internet Crime Complaint Center (IC3), which partners with the FBI and national White Collar Crime Center, has received call after call from people who feel they’ve been victims of payday loan telephone scams.  The IC3 investigates internet-related criminal complaints, and are taking these calls because the predators hiding behind their telephone’s claim to be representing payday lenders that borrowers found online.
Letter blocks spelling out "Ethics"
Feb, 15, 2012
There is currently a state-wide debate taking place in Missouri. Consumer advocates are upset over high annual percentage rates (APRs) associated with payday loans, and are trying to push legislation to institute an interest rate cap on these cash advances. In order for this legislation to go through their state government, though, they must receive a certain amount of signatures on a petition. The group called Missourians for Responsible Lending are representing these consumer advocates and spreading the petition out through online circles trying to gather the required signatures.
Paint roller rolling out the word "payday"
Feb, 7, 2012
No, it’s not mans’ best friend performing a trick for us—but some would still call it a trick nonetheless. The payday loan rollover is, among other things, what causes critics of the industry to mount such vehemently hostile attacks against these loans. The rollover is unlike any other mechanism found in different types of loans, and acts like a trap door that is all too easy to pass through, but very difficult to open back up to return from. It’s the rollover that births the heart wrenching stories we all hear regarding people who borrow several hundred dollars only to owe thousands upon thousands several years later.
Blind Lady Justice statue with gavel in background
Jan, 25, 2012
Last week the director of the Consumer Financial Protection Bureau (CFPB), Richard Cordray, made a public statement in Birmingham, Alabama, in which he introduced the industry of payday lending to his audience and informed them his bureau is seeking to remedy the flaws within that industry. Immediately, payday loan supporters and industry-insiders leapt at the director’s remarks in a defensive maneuver to thwart any sort of regulation that may come out of this bureau.
Large buildings
Jan, 11, 2012
When looking across opinionated message boards strewn across the internet, a common train of thought held by many is that payday lending is simply a legal way for predatory loan sharks to operate. As legislation continuously tries to regulate this type of financing, and groups on both sides of the tracks emerge in support and in opposition, an ongoing cry has begun to ring once again: why do we, as a nation, allow such volatile loans to be legal?  
Swarm of sharks
Dec, 27, 2011
"[Economists, lawyers, psychologists—career experts—are] aware that consumers will be driven to inferior substitute credit products if payday loans become less available. They understand that eliminating supply does not eliminate demand. They will want to know what will replace the payday loans that are proposed to be outlawed. They don't care about getting votes." —Lawyer Hillary B. Miller
Man tied to a dollar sign by a chain
Dec, 20, 2011
When one reaches the decision to open a bank account they are faced with a variety of choices between big name corporations, smaller credit unions, confusing terms, potential monthly fees, different kinds of accounts that yield different kinds of monetary results… the choices available and decisions to be made can quickly become overwhelming. While it may be tempting to simply go with the cheapest or most popular options available, it is important for consumers to know what kind of charges, hidden or otherwise, the institution that handles their life savings may choose to impose on them.
Apple and orange on a scale
Dec, 12, 2011
In the world of short term lending, there is an ongoing feud between the payday lenders and the installment lenders. The internet is riddled with websites from both sides, most of which carry very strong opinions as to what kind of service, payday or installment, is best. But the debate between the two types of financing isn’t nearly as cut and dry as some of these lenders wish the public to think. Instead, there are times when payday loans are more beneficial, while there are other times installment loans are the wiser of the choices.
Hundred dollar bill shaped like a car with coin wheels
Dec, 5, 2011
Imagine a borrower who is overburdened with bills, has horrible credit, no savings, and no property. Without any collateral, and a poor financial history, traditional lenders will show him the door long before negotiating terms on a loan. But then imagine this money-strained individual sees a commercial that’s reciting lines such as, “No credit, no problem,” and, “Have a car? Then you have money.”  

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