Posts Tagged ‘check advance’

How much worse can things get?
According to a new article in the WSJ, those wonderful community financial services people, more commonly know as Payday lenders are increasingly targeting recipients of Social Security and other government benefits, including disability and veteran’s benefits.

But it isn’t just the Payday lenders who are involved in this abuse of our [...]

Apparently, all those happy payday loan customers who quickly repaid their loans, avoided disaster and extra costs doesn’t included a lot of people in Utah.
In a really great article full of all kinds of interesting facts by the Desert Morning News, their research found that payday lenders have sued nearly 27,000 Utahns for nonpayment since [...]

In what is hopefully the start of something, the Federal Deposit Insurance Corporation (FDIC) announced the selection of 30 banks to participate in a two-year pilot project to help identify best practices in affordable small-dollar loan programs that can be replicated by financial institutions.
“Our goal is to identify small-dollar loan programs that are profitable for [...]

Elizabeth Warren at Credit Slips (a great blog I just now learned of on credit and bankruptcy by six academics) has a great post touching on some of the payday loan research including the the Center for Responsible Lending (PDF link), the Center for Community Capital (PDF link) and the the bad numbers in the [...]

In all the back and forth on payday loans in the press and blogosphere, a study titled NC Consumers after Payday Lending by the Center for Community Capital at Univ. of North Carolina does seem to be getting as much play as it should. Though the Community Financial Services Association of America (CFSA), the trade [...]

Over at Consumer Rights Watch, Mark Ireland has stated two truths about Payday lending:
1. Payday lending is a business that simply keeps people in debt, rather than provide them with an emergency safety net, and
2. Only enforcement of a comprehensive interest rate cap at or around 36 percent for small loans will solve the debt [...]

The headline says it all “ A low, low interest rate of 396 percent” According to this article at CNN a large number of people in foreclosure counseling in Ohio, land of many a payday lender) also have payday loans. If that isn’t a recipe for disaster, what is?
Of note also is that a Republican [...]

I was cruising the web and found this site on payday lending. It has all kinds of stuff about how to run a store. One of the links in the “learning center” is on the profitability of payday and check advance lending. Based on their projections Payday lending is a hell of a business.
If [...]