Payday Loans News

woman with money in front of her face
Nov, 2, 2012
Payday loans, long considered an act of desperation for low-income earners, have recently been studied by Colorado’s state government.
Parliament and UK flag
Oct, 30, 2012
One of the Prime Minister's advisers left his government post to become a lobbyist for a payday lender. Jonathan Luff, the Prime Minister’s advisor on digital strategy, will be starting immediately for Wonga, an often criticized payday loan dealer. Luff will transition from a government aid to an influential lobbyist. Although the switch is receiving negative press, Luff is a civil servant and not a politically appointed special adviser, so his transition to Wonga is legal. The switch has been met with stiff critique of the ease of access between ministerial aides and lobbying.
gavel on cash money
Oct, 30, 2012
In Charleston, West Virginia, Attorney General Darrell McGraw has won a settlement with an online payday loan lender. Payday loans, while illegal in West Virginia, can be lent and marketed by lenders with tribal affiliations due to tribal legal immunity. Under the masquerade of being tribal-owned, Payday Financial LLC conducted operations under the name Lakota Cash within West Virginia.
masked terrorist with gun
Oct, 25, 2012
Three terrorists in the UK allegedly tried to use a short-term loan, or payday loan, in order to fund their terrorist plot. In September of last year, Ashik Ali, Irfan Khalid, and Irfan Naseer submitted an application for a short-term loan. The trio was supposedly warned by the short-term loan lender about the high-interest rates that come with this financing. However, they privately believed they wouldn’t have to repay the short-term loan since they were plotting suicide bombing attacks.
keyboard with scam keys
Oct, 24, 2012
A cash advance scam is spreading across the country. The Better Business Bureau of North East California reports that 300 people have complained about several cash advance companies from Las Vegas. These companies are allegedly using duplicate websites that are identical to one another. Victimized borrowers claimed that they looked into borrowing cash advance loans on these websites, but never actually applied for them. Despite never completing or submitting their applications, these borrowers were still charged $30 from their checking accounts without authorization.
North Carolina flag painted on a fist
Oct, 19, 2012
Several North Carolina lawmakers, including Attorney General Roy Cooper, are joining together in opposition of short-term loan lending within the state. Back in 2001, North Carolina passed a law which shut down payday lending within the state causing the last payday lender to close in 2006. Unfortunately, this law did not stop the federal loophole that permits banks to offer short-term loans that are essentially the same thing as cash advances.
birmingham seal
Oct, 17, 2012
In Alabama, the Birmingham City Council voted to extend a ban on the opening of new cash advance loan, title loan and pawn businesses within city limits. The first moratorium on these lending businesses was created in December of 2011. Councilwoman Lashunda Scales was the mastermind of this initiative and claimed that the city was already overfilled with these types of lenders, which strangle more positive commercial development. “We’re trying to come up with law that would allow the number of payday lending and title lending institutions in the city. We’re looking for a permanent solution,” Scales told AL.com.
robber with a gun
Oct, 4, 2012
Ricardo Meraz-Terriquez from Jerome, Idaho allegedly robbed a payday loan store in the final weekend of September. Payday loans are readily offered online, however, payday loan stores still remain widespread across the country allowing customers to physically visit lenders. According to the store's employee, a man walked behind the counter while the employee was working and pointed a gun at her before saying “money,” clearly demanding cash.
council meeting money
Oct, 2, 2012
In Cedar Rapids, Iowa, the city council is evaluating whether to regulate the zoning of new payday loan businesses, according to KCRG. A three-member city council committee has requested that the Community Development Department create possible new regulations for the payday loan industry that will not apply to pawn shops within city limits.
San Antonio city flag
Sep, 27, 2012
The San Antonio city council passed a new ordinance that regulates payday loan lenders. This makes San Antonio the third city in Texas to pass this type of ordinance, following Austin and Dallas. In response to this change, both proponents and opponents of the industry filled the city council chambers on Aug 20 and vocally expressed their views. “I don’t think it is fair for people to be charged unjust interest on loans they borrow,” said Sister Ferdinand of Holy Spirit. Others commented that the opposition against payday loans in the city had been a nearly-biblical scale battle akin to David versus Goliath.

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