Payday Loans News

Colorado state flag
Apr, 4, 2013
Two payday loan companies have just reached a settlement with the Attorney General of Colorado. EZPawn and EZMoney were originally found guilty of overcharging payday loan borrowers, so both agreed to refund customers who were overcharged. However, the Uniform Consumer Credit Code Administrator, who operates within the Attorney General’s Office, found that both companies were improperly refunding the payday loan victims. Since neither company complied with the request, the Attorney General was prompted to take direct action. The settlement is the result of disciplinary hearings against the two payday loan companies.
Texas state flag wavering
Apr, 2, 2013
In Texas, State Senator John Carona (R-Dallas), is fighting to have Senate Bill 1247 passed. The bill seeks to limit the maximum size of payday loans that a borrower can obtain based upon their monthly income. Likewise, the number of times a borrower could “roll-over” outstanding payday loans would also be limited if Senate Bill 1247 passes. Unfortunately, the bill, while once hailed as being protective of consumers, has actually been “water-downed,” according to consumer advocates.
Senior citizen looking at financial documents
Mar, 26, 2013
A new report found that senior citizens are a large demographic affected by bank payday loans. The Center for Responsible Lending (CRL) report found that one out of every four payday loan borrowers is a senior citizen receiving Social Security benefits. The 2011 findings are consistent with 2010 data, which means that the dismal findings are not changing for senior citizens on benefits.
Manhattan skyline in New York
Mar, 7, 2013
New York Governor Andrew Cuomo has sent out a notice letter to debt collectors across his state. He has informed them not to collect on what he calls, “illegal, usurious loans made in New York, including payday loans.” According to a press release from the New York Department of Financial Services, payday loans are illegal in New York due to the state’s criminal usury law that limits interest rates to 25 percent.
Man with empty pockets
Feb, 27, 2013
According to a recent report by non-profit Pew Charitable Trusts, only 14 percent of borrowers can afford to repay an average payday loan when it is due. The Pew Charitable Trusts found that 58 percent of payday loan borrowers have difficulty meeting monthly expenses at least half the time. Borrowers that frequently use payday loans are likely to have persistent cash shortfalls, and not temporary emergencies.
Arkansas state flag
Feb, 19, 2013
Cash advance lenders better steer clear of Arkansas—or at least tread carefully. Attorney General Dustin McDaniel just reached an agreement with Sure Advance, an online cash advance company. Under the terms of this agreement, Sure Advance will no longer be able to offer cash advances to Arkansas residents. Sure Advance has also agreed to cancel all outstanding debt for its Arkansas based customers.
gavel in front of a law book
Jan, 11, 2013
An instant loan lender has agreed to pay millions in restitution following the efforts of a San Francisco City Attorney. Dennis Herrera, the City Attorney, has announced that the first three months of 2013 will be focused on channeling restitution payments to affected victims of the lender’s unscrupulous practices.
cell phone text message
Dec, 17, 2012
A Florida firm is being sued for spam-like text messages that advertised a payday loan company in the state of Washington. “Consumers pay for text messaging in order to stay in touch with family, friends and business contacts – not to receive spam that’s as illegal as it is annoying. This lawsuit is a reminder to spammers that there are consequences for breaking the law,” said Washington State Attorney General Rob McKenna in a press release.
money in an envelope
Dec, 14, 2012
Cash America, an international cash advance lender, has announced it will reimburse 14,000 customers for improperly collected funds. These funds were collected from customers in Ohio since Jan. 1, 2008. According to a press release from the company, several employees improperly prepared court documents that were used in legal proceedings in the state of Ohio. Even though the court documents were somewhat accurate, the manner in which they were filed was not in compliance with court rules.
robber with a crowbar and flashlight
Dec, 13, 2012
In Jefferson County, AL, the County Sheriff’s Office has announced the arrest of a man in connection with the robbery of an instant loan store on Dec. 10. Instant loan stores provide cash advances to customers, so they have money readily on hand.