Posts Tagged ‘payday’

Sarah Byrnes of Americans for Fairness in Lending is an occasional guest contributor to Caveat Emptor.
In addition to all the other excitement surrounding this election, Ohioans and Arizonans will get the chance to vote on payday loan protections on November 4.  If you live in either of those states and you read this blog, you [...]

Ohio Payday Lenders Caught Lying in Ballot Initiative Signature Drive | Consumer Law & Policy

Nathalie Martin at Credit Slips reports that many internet payday loans are illegal and therefore unenforceable. But they can be a big problem, since most automatically deduct their fee from consumers’ bank accounts and roll over without warning.
Since many of these loans are illegal under state payday lending laws, consumers can simply change bank accounts [...]

On Monday, Ohio Governor Ted Strickland signed a law capping payday loan interest rates at 28% and limiting borrowers to 4 payday loans per year.
Previously, payday lenders would charge interest rates close to 400%. Under the new law, they will be limited to 28%, which looks more like a (bad) credit card interest rate.
The payday [...]

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 [...]