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The short answer is if a payday loan is illegal in your state, then you will likely only need to pay the principal. If any interest has already been paid towards the loan, then it might be possible to recover that lost money—but usually the time, effort, and expense are not worth the trouble. However, laws are different from state to state and individuals should check with their particular state’s commissioner on their particular case in order to be sure. Even in states that allow for payday...
Two people shaking hands while holding money
Long before established banks and lending institutions were created, there were people who lent currency to their friends, family, and peers. Whether that currency of old was a form of legal tender or simply a material possession, borrowing from individuals with wealth predates the formal lending institution we all know (but don’t necessarily love) today. That system of borrowing from friends, family, and peers is still alive today, and some believe it’s now more popular than ever due to the...
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Smart Option Student Loans are a supplement to federal student loans and available from Sallie Mae. They are typically more affordable than traditional private loans, and even carry cash back incentives to students who make consistent and timely payments. “With the Smart Reward, good habits can turn into cash. By getting into the routine of successful loan repayment early in life, students can build a credit history and are better able to achieve other financial goals such as home ownership,”...
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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. “Millions of Americans are affected by the abusive and deceptive payday lending practices across our country and over the...
Whistle
JPMorgan Chase Bank finalized a settlement with the federal government to pay $45 million to end a lawsuit over the bank cheating military veterans and taxpayers out of millions of dollars. The bank illegally hid the fees in the veteran’s home mortgage refinancing loans, which would cause their guarantees to void. The bank, however, hid that fact and continued to collect compensation for the guarantees from the government. JPMorgan Chase is but the first bank of many to be pursued for this...
Top ten vehicles for auto loans
As 2012 kicks off with new predictions of quicker economic recovery, and as the auto loan industry leading the way, consumers may be interested to see what sort of vehicles the new year has to offer. Kelley Blue Book (KBB) recently named what they believe are the top ten best family cars of 2012. The list recognizes that every family has different needs and wants, so it attempts to diversify itself with a broad spectrum of automobile suggestions. From cars that come with affordable auto loans...

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