Payday Loans News

Missouri Supreme Court Justices
Jun, 27, 2012
The Missouri State Supreme Court heard arguments on Wednesday regarding a new payday loan measure that’s going through the state’s legislature. The measure, which has received the support from many faith-based group leaders, will raise tobacco taxes, increase Missouri’s minim wage, and install an interest rate cap on payday loans if passed into law. Father Richard Creson of Holy Trinity in St. Louis was one of the measure's supporters. Creson collected signatures on the measure’s ballot in order to get the payday loans cap included into the measure.
Rex Mundi Symbol
Jun, 22, 2012
Rex Mundi, a criminal hacker organization whose name alludes to Judeo-Christian lore, leaked the personal information of AmeriCash Advance customers in a tweet on June 17, 2012. AmeriCash Advance is a cash advance loans company that provides quick cash to customers with bad credit. Five days prior to the leak, Rex Mundi faxed a “ransom note” to AmeriCash Advance informing them that their site had been hacked. The hacker organization demanded $20,000 from AmeriCash, for what they called an “idiot tax,” in exchange for not releasing the information retrieved.
Cash money heart.
Jun, 13, 2012
February might be long passed but love is still in the air. Politicians and the payday loan industry have begun a love affair of Hollywood proportions in Ohio, according to a story done by the Dayton Daily News. The 2012 U.S. Senate race saw $200,000 donated by the payday loan lending industry to candidates in Ohio. Nationally, payday lenders contributed $1.32 million to Senate candidates during this election cycle.
The Pennsylvania Capitol
Jun, 8, 2012
The Pennsylvania House of Representatives has approved a bill designed to regulate payday loans. The bill, which was put forward by Rep. Chris Ross, R-Chester, won with a 102-90 vote. Democrats in the state resoundingly voiced opposition to the bill and largely voted against it. Now that it has passed in the House, the bill, more formally known as HB 2191, will move on to a vote in the State Senate.
Jun, 4, 2012
While opponents of the payday lending industry have pleaded with traditional lenders and lawmakers to offer alternative forms of short-term financing, borrowers would still prefer to use the services of payday lenders. The reason? Convenience, according to a recent study on payday loans by UC Davis.
Restriction Sign
May, 15, 2012
San Jose is attempting to pass large payday loan restrictions for future lenders in their city. If the ordinance is passed, the city’s existing 38 payday lenders will be permitted to stay where they are, but future lenders will need to adhere to strict zoning rules. The central California city is trying to prohibited short-term lenders from being stationed within a quarter mile of low-income areas. Additionally, future lenders will be required to be at least a quarter mile away from existing lenders.
Stack of British Pounds
May, 9, 2012
The renowned British payday loan lender, Wonga, launched a new service this week that is meant to provide short-term financing for businesses. Payday lenders provide short-term loans that come with high fees without the need for a credit check. Available to virtually anybody with a checking account, these “cash advances,” as they’re often called, are usually taken out for two- to four-week periods, and require a post-dated check as collateral.
Texas State Flag Circle
May, 3, 2012
Payday lenders are typically governed by state law. Depending on what border they wish to operate within, lenders will need to abide by that state’s particular laws. Texas currently permits payday loan operations, and allows lenders to charge a maximum of 309 percent on a 14-day $100 loan. But some Texan cities aren’t happy with their state’s relaxed short-term lending laws. According to the Texas Tribune, city councils across the Lone Star State have taken it upon themselves to outlaw payday loans from their local communities by imposing local ordinances.
Pennsylvania state flag
May, 1, 2012
On March 14, 2012, a payday lending bill, HB 2191, was introduced to Pennsylvania’s House of Representatives. The bill would make it legal for payday lenders to establish operations throughout the state. Introduced by Rep. Chris Ross, R-Chester, and supported by a handful of representatives from both sides of the aisle, HB 2191 has incited a large public backlash.
Restrict Money
Apr, 26, 2012
Delaware’s state House is preparing to vote on House Bill 289 this Thursday which is aimed at restricting payday loans within their borders, according to The Associated Press. This regulatory bill is meant to restrict the number of payday loans that borrowers can take out in a 12 month period to just five. In tandem with the cap on originations, the bill also seeks to limit the number of rollovers permitted on a payday loan to just four.