Payday Loans News

North Carolina state flag
Sep, 20, 2012
Despite prohibiting no fax payday loans across the state, North Carolina regulators and consumer advocates have noticed their resurfacing. A no fax payday loan, is simply a cash advance loan that is made without a fax machine. In years past, fax machines allowed borrower to apply for payday loans without having to visit a retail lending store. Now, most payday loans are no fax payday loans since they are offered online and at retail lending stores. It seems a similar type of financing is now being offered in North Carolina despite a longstanding ban.
Gavel on cash money
Sep, 11, 2012
An October deadline is fast approaching for California victims of Money Mart and Loan Mart’s abusive retail and online payday loan business practices to claim money. In 2007, San Francisco City Attorney Dennis Herrera filed a consumer protection lawsuit against Money Mart and Loan Mart alleging the two companies committed fraudulent business practices that abused borrowers. According to the lawsuit, Money Mart and Loan Mart marketed their short-term loans at exorbitant and illegal interest rates. A judge ordered that Money mart and Loan Mart pay customers up to $7.5 million.
Missouri flag as dollars
Sep, 11, 2012
Missourians for Responsible Lending and Give Missourian’s a Raise have announced that they are ending a legal challenge to a ruling that argued they did not have enough signatures for an initiative that would regulate payday loans and raise the state’s minimum wage.
Sniper scope on money
Aug, 17, 2012
California financial regulators announced several warnings this week regarding the proliferation of illegal online payday loan lenders offering their services to state citizens.
Missouri state flag
Aug, 7, 2012
On Tuesday July 31, the Missouri Supreme Court ruled that cash advance interest rates should be capped. Voters must decide on the issue on the upcoming ballot in November. If approved in November, the interest on cash advances—as well as all other small consumer loans—lent within the state would be capped at 36 percent. The average interest rate for these types of financing is currently at a towering 445 percent. “Missouri’s borrowers currently pay significantly more in interest on payday loans than borrowers in any other state in the nation,” said Katie Wood, a local community leader, to the Hannibal Courier-Post.
Fighting businessmen
Jul, 26, 2012
Cash loan lenders are boosting their political contributions and lobbying efforts in order to get Congress to transfer oversight of their industry from individual states to the U.S. Office of the Comptroller of the Currency (OCC). A House committee heard the proposal on July 24, 2012, despite opposition from the OCC.
Scammers call old woman
Jul, 24, 2012
April Garcia from Muscatine Iowa was almost scammed out of hundreds of dollars on July 14 by a group offering cash advance loans. She got a phone call that morning informing her that she was eligible for a $3,300 consumer cash advance loan. Despite recognizing that she didn’t remember filling out an application for cash advance loans, Garcia did recall filling out loan applications in the past. She proceeded with the scammers’ process. “They said I’d have to pay them $330 for insurance but I would get that refunded,” Garcia said in an interview for the Muscatine Journal.
Ohio flag and state
Jul, 23, 2012
New survey results show that a whopping 10 percent of all Ohio residents have borrowed payday loans within the last five years. Ohioans ranked fourth in the nation after Missouri, Oklahoma and Washington for visits to websites and stores selling instant loans. According to the Pew Charitable Trusts’ Safe Small Dollar Loans Research Project, states with less-restrictive lending laws, like Ohio, have higher rates of lending. Conversely, states that prohibit check-cashing businesses tend to have lower rates of instant lending.
Octopus holding money
Jul, 11, 2012
OctoMom, less commonly known as Nadya Suleman, the woman who gained national notoriety after giving birth to octuplets in early 2009, is now endorsing a payday loan company. The endorsed company’s name? OctoLoan, of course. OctoLoan claims to grant consumers fast online loans of up to $1,000 and has a small portrait of Suleman with a quote saying, “OctoLoan is a trusted source that connects you to cash lenders nationwide when you need a short term loan fast.”
Delaware deal made with a handshake
Jul, 2, 2012
On Wednesday June 27, Delaware Governor Jack Markell signed into legislation a bill regulating the number of instant loans that a single borrower can take out. Despite objections from the instant loans industry, the bill received bipartisan support and even support from neighboring states across New England since Maryland, Pennsylvania and New Jersey all have banned instant loans.