>
Voter initiative being prepared to restrict payday loans...
Nov 26, 2007
HELENA -- Advocates for low-income residents have
prepared a voter initiative that would limit the annual interest
rate charged by so-called payday lenders to 36 percent.
Supporters turned to a ballot initiative after efforts to
regulate such businesses failed in the Legislature for the past
eight years. "People recognize that it's not fair to charge
people such outrageous interest rates," said Rep. Mary Caferro,
D-Helena...
cont... |
>
Proliferation of lending stores a signal people are poorer...
Nov 26, 2007
TORONTO -- Lack of choice and the "desperation of
poverty" are forcing some to turn to payday loans and other
costly fringe financial products they can ill afford to use,
according to the United Way's report on poverty in Toronto. The
report cites the growing number of payday loan stores – which
offer short-term, unsecured loans at annual interest rates
ranging from 300 to 1,000 per cent – as one of the key warning
signs many in the city are becoming poorer and urges the Ontario
government to regulate the industry and set an interest rate cap
and limits on fees...
cont... |
>
Kansas payday fees relatively low...
Nov 25, 2007
WICHITA -- Payday lenders in Kansas charge less
than similar businesses in all but one of the states next door,
a new Web site shows. An interactive map put together by a
payday lending trade group gives consumers the chance to easily
compare fees charged in every state for a $100 loan...
cont... |
>
Cap on payday loan interest rates sought...
Nov 24, 2007
MONTANA -- Voters in Montana may be asked to
place a limit of 36% on the annual interest charged for
short-term loans, which are often called payday loans. Activists
have been seeking to place an interest limit proposal before
voters have submitted a proposed ballot initiative to state
officials for review...
cont... |
>
Payday lending industry adopts fee disclosure policy...
Nov 23, 2007
BRANSON -- The Community Financial Services
Association of America, the organization that represents 60
percent of the payday lending stores across the nation,
announced last week that it is requiring all members to display
posters in every store that clearly states all fees associated
with a payday loan. The new self-imposed guidelines also require
that fees be prominently displayed on all CFSA member web sites.
The fees will be stated in dollar amounts and as APR’s, or
Annual Percentage Rates...
cont... |
>
Mortgage holders warned to avoid payday loans...
Nov 23, 2007
TUCSON -- Homeowners may be tempted to try to put
off a foreclosure by borrowing mortgage payment money,
especially from payday loan operations. Don't do it, critics of
the industry said. Those who lose their homes and then end up
with huge debt to the fast-cash lenders could lose more...
cont... |
>
Hyland Presses for Challenge to Payday Lenders...
Nov 22, 2007
FAIRFAX COUNTY -- A Fairfax County supervisor
wants to push the next General Assembly for tighter restrictions
on payday loans, charging that some lenders push the
economically vulnerable deep into debt. The county attorney's
office has ruled that local governments have no authority to
regulate payday lending businesses, which operate under the
state's Payday Loan Act. Supervisor Gerald W. Hyland (D-Mount
Vernon) wants to make payday lending a part of the board's 2008
lobbying effort in Richmond...
cont... |
>
Lawsuit on Arkansas lenders back up for appeal...
Nov 21, 2007
For the third time in four years, a lawsuit
questioning the constitutionality of Arkansas’ payday lending
law will be appealed to the Arkansas Supreme Court. Pulaski
County Judge Barry Sims ruled Tuesday that the Arkansas
Check-cashers Act is constitutional...
cont... |
>
Arkansas Judge Rules Payday Loan Fees Constitutional...
Nov 20, 2007
A Arkansas state judge says that Arkansas laws
allowing "payday loan" fees that exceed the state's interest
limits is constitutional...
cont... |
>
5 Places to Get Emergency Cash for Christmas...
Nov 19, 2007
There are few other times of the year that bring
about as much financial pressure as Christmas. In addition to
shopping for presents, there are the endless rounds of parties,
feasts, Secret Santa events, additions to your winter wardrobe,
and more. For most people, it is hard to know where to draw the
line on spending, and at times, they find themselves facing
December 25th without the money...
cont... |
>
Richardson TX considers requiring special permits for Payday
Lenders...
Nov 19, 2007
Concerns about clusters of payday loan, check
cashing and car-title loan companies have led the city to
consider stricter rules about where the businesses can operate.
No proposal has been put forward, but council members have
expressed support for requiring new businesses to obtain special
permits from the city...
cont... |
>
Expert Witnesses Appear for Canadian Payday Loan Association at
Public Hearings...
Nov 19, 2007
Expert witnesses from Pollara, Deloitte and
Touche and the University of Manitoba will present evidence to
the Manitoba Public Utilities Board (PUB) on Monday, Tuesday and
Wednesday of this week (November 19-21, 2007) on behalf of the
Canadian Payday Loan Association. The Manitoba PUB is holding
public hearings to determine the maximum allowable fees that
payday loan companies will be able to charge for a payday loan
in Manitoba...
cont... |
>
Satirical web site bashes predatory lenders...
Nov 18, 2007
Since selling All Star Directories last year,
Seattle Internet entrepreneur Mike Mathieu has been involved in
some interesting little projects. He created Walk Score, a nifty
application that provides a numerical ranking for homes based on
their proximity to restaurants, grocery stores and libraries.
The latest effort is a satirical Web site, dubbed The Predatory
Lending Association, that takes on the payday loan industry...
cont... |
>
Payday-loan stores pledge to spotlight interest rates, terms...
Nov 17, 2007
Payday-advance stores are vowing to start
displaying the interest rates on their loans more prominently,
but some critics wonder if it's just window dressing. Community
Financial Services Association of America, a trade group
representing 60 percent of payday lenders, said this week that
it is requiring member firms to put up poster-size displays in
all stores disclosing fees, with similar disclosures on Internet
sites...
cont... |
| >
Counterfeit bills take Cash Store by surprise...
Nov 15, 2007 |
| >
Payday-loan company defends 700 per cent interest...
Nov 14, 2007 |
| >
Rentcash to cut costs for services...
Nov 14, 2007 |
| >
Guest opinion: Payday loans – a reasonable credit option...
Nov 13, 2007 |
| >
Satirical site takes on payday loans...
Nov 13, 2007 |
| >
Rentcash Implements Sweeping Consumer Protection Measures...
Nov 13, 2007 |
| >
Cash Canada Announces Expansion and Reorganization of Locations...
Nov 8, 2007 |
| >
Arizona County to lobby for ban on payday loan sites...
Nov 6, 2007 |
| >
FDIC to look for alternatives to controversial payday loans...
Nov 1, 2007 |
| >
Fed to Banks, Get A Piece Of Payday Loan Pie...
Nov 1, 2007 |
| >
QC Holdings Reports 72% Increase in Third Quarter Net Income...
Nov 1, 2007 |
| >
Sub Prime Fallout Hurts Payday Loan Collections...
Nov 1, 2007 |
| >
New Mexico payday loan law doesn't prevent spiraling debt...
Nov 1, 2007 |
| >
New loans offered for citizenship applications...
Nov 1, 2007 |
