|
Payday Loan News Blog
- Dec 07
... |
>
Advance America to Close 66 Stores in Pennsylvania... Dec
19, 2007
SPARTANBURG, SC -- Advance America, Cash Advance
Centers, Inc. , announced today that it has decided to close all
66 of its remaining centers in Pennsylvania. The decision comes
as the Company awaits a ruling from the Supreme Court of
Pennsylvania on its appeal of a lower court's decision in July
2007 directing the Company's subsidiary to suspend its
operations and discontinue its "Choice Line of Credit" in
Pennsylvania...
cont... |
>
Study: One third of Arkansas payday lenders not regulated... Dec
18, 2007
LITTLE ROCK -- More than a third of the payday
lenders operating in Arkansas are not being regulated, opponents
of the lending practice said in a study released Wednesday. The
study by Arkansans Against Abusive Payday Lending, a coalition
of groups seeking to end the practice of payday loans, said the
state has improved its licensing of payday lenders but called
for more oversight...
cont... |
>
Costlier credit seen as an effect of payday loan ban... Dec
16, 2007
NORTH CAROLINA -- After years of mounting
criticism, payday lending was finally shut down in North
Carolina in 2005. Problem solved, right? Not so fast, says new
research on the consequences of that ban...
cont... |
>
Group pushes for interest rate cap on payday loans... Dec
15, 2007
SEATTLE -- Databases, payment plans, cooling-off
periods and limits on the number of payday loans that a borrower
can hold at one time haven't done much to prevent borrowers from
taking out repeated payday loans that trap them in a cycle of
debt, says the Center for Responsible Lending in a report
released Thursday...
cont... |
>
Arkansas Payday lenders to repay patrons... Dec
11, 2007
ARKANSAS -- Arkansas Attorney General Dustin
McDaniel said Monday his office has settled nine lawsuits
against payday lenders whose loans were tied to getting Internet
access. Defendants will pay a total of $ 1 million, including $
800, 000 in restitution to Arkansas customers, and stop any debt
collection efforts on outstanding contracts...
cont... |
>
The emerging use of payday loans... Dec
11, 2007
There are many different types of loans available
these days, with something to suit most needs and circumstances,
from secured loans for homeowners to mortgage loans for those
wishing to buy their own home, unsecured loans for tenants or
those living with family, and payday loans for those looking for
a shorter term borrowing solution. Payday loans have become
increasingly popular over recent years amongst those that are
looking for shorter term finance but do not have access to a
credit card or other funds...
cont... |
>
Payday Loans ‘Unfairly Judged': Harrisonburg Store... Dec
10, 2007
HARRISONBURG - Although a storm of opposition has
swelled against payday lenders, officials from one local
business say their industry is "unfairly judged." For the last
few years, industry critics in Harrisonburg and across that
nation have said that payday lenders target the poor, mask their
annual percentage rates and contribute to the overall cycle of
debt. But those claims aren't true, industry officials say.
Payday loans, they said, are just misunderstood, especially by
folks who've never used the service...
cont... |
>
Virginia Credit unions drop payday loan lobbyist... Dec
8, 2007
Virginia's credit unions are dropping the
influential lawyer-lobbyist they share with payday lenders,
citing "negative media coverage" of high-cost instant loans.
Reginald N. Jones has represented the Virginia Credit Union
League for 27 years, and for the past six he has simultaneously
lobbied the General Assembly for the league and the Community
Financial Services Association, umbrella group for the nation's
largest payday lenders...
cont... |
>
Payday-loan bans backfire... Dec
8, 2007
Maybe "payday loans" aren't so bad after all,
according to a new staff report by the Federal Reserve Bank of
New York. It says that after Georgia and North Carolina banned
all such high-interest loans, former patrons tended to migrate
to even costlier alternatives, such as bouncing checks — and
paying expensive bank charges to cover them — or filing for
bankruptcy...
cont... |
>
Federal Reserve researcher critiques ban on payday lending... Dec
7, 2007
A Federal reserve researcher says a ban on payday
loans may be leading to greater financial burdens for low-income
residents of two Southern states. The study concluded that
households in Georgia and North Carolina have had more financial
problems...
cont... |
>
Court Hears Payday Lender Bond Case... Dec
6, 2007
LITTLE ROCK, AR -- Customers who won a $191,000
judgment against a Russellville payday lender should be allowed
to file a claim against the company's surety bond, lawyers for
the plaintiffs argued Thursday before the state Supreme Court. A
lawyer for Old Republic Surety Co., which issued a $50,000
surety bond to Arkansas Check Express in Russellville, countered
his client did not have to pay the money because the circuit
judge who handled the case never ruled the payday lender
violated the state Check Cashers Act...
cont... |
>
Texas Attorney General Warns of Holiday Loan Scams... Dec
6, 2007
The Texas attorney General's office has issued a
consumer alert for Texans looking to borrow money for the
holidays. Advertisements for instant cash loans are everywhere
this time of year and many are legitimate. However, a new kind
of "loan" ad is appearing that offers fast money for an upfront
"processing fee" or to cover "taxes"...
cont... |
>
Falls council might toughen payday lender restrictions...
Dec 6, 2007
CUYAHOGA FALLS, oh -- The Cuyahoga Falls City
Council is expected to vote Dec. 10 on legislation that will
effectively prohibit new payday lenders from setting up shop in
the city. Zoning laws adopted in 2005 restrict payday lenders to
two business districts — Graham Road near the Stow border and on
Howe Road. The law also requires a special review before
approval to determine if the business will adversely affect
adjacent properties. The new ordinance proposed by at-large
Councilwoman Carol Klinger would add additional restrictions. It
would limit payday loan businesses to one for every 10,000
residents...
cont... |
>
Oak Grove Ohio reins in Lenders... Dec 5, 2007
OAK GROVE, OH -- The Oak Grove Board of Aldermen
adopted an ordinance Monday night that will limit the number of
payday loan establishments in the city. The new ordinance sets
limits on establishments considering Oak Grove as a possible
business location, including the numbers of such businesses.
According to the new ordinance, there may be no more than one
payday loan for every 5,000 residents. The city's current
population is about 6,000...
cont... |
>
Denying Consumers Access to Payday Loans Leads to Costlier
Credit Options... Dec 4, 2007
WASHINGTON, DC -- Households without access to
payday loans are forced to use costlier credit products and
suffer greater financial difficulties, according to new research
prepared by staff of the Federal Reserve Bank of New York.
Preliminary findings in the November 2007 working paper, "Payday
Holiday: How Households Fare after Payday Credit Bans," by
Donald P. Morgan and Michael R. Strain, Research Officers with
the Federal Reserve Bank of New York, conclude that payday loan
bans result in increased credit problems for consumers...
cont... |
>
Is the Payday Message Being Heard... Dec
3, 2007
LYNCHBURG, VA -- Virginia localities from the
Northern Neck to the Shenandoah Valley and the Southwest have a
common bond that has thus far escaped the General Assembly.
Their local governments have taken a position against payday
loans with annual interest rates that approach 400 percent...
cont... |
>
Edwards calls for crackdown on credit, lending industries...
Dec 3, 2007
FORT DODGE, IA -- Democratic presidential
contender John Edwards said Sunday that if elected he would
crack down on abusive lending practices and boost family savings
through government subsidies. Speaking at a community college in
Fort Dodge, Edwards said increasing fuel and health insurance
costs are among the reasons why many Americans borrow more
money. He said even dual-income families are hit hard by the
increases...
cont... |
>
Petitions now tool in payday
loan fight... Dec 2, 2007
TUCSON, AZ -- At a recent legislative breakfast,
the audience of social-service advocates wanted to know what
each lawmaker planned to do for Arizona families. Rep. Marian
McClure didn't focus on the hot topics of the state budget
shortfall or reforming Child Protective Services. Instead, she
made a pitch for 10,000 volunteers to gut the payday-loan
industry...
cont... |
>
Credit Union of Dodge City to offer alternative payday loans...
Dec 1, 2007
DODGE CITY, KS -- As the number of payday lenders
increases in Dodge City and throughout the United States, many
credit unions are looking for ways to provide alternative
solutions to an increasingly popular market. In an effort to
complete, The Credit Union of Dodge City is opening Instant Cash
Plus, a payday lender that will offer lower fees than
traditional payday lenders, as well as traditional membership
opportunities and financial education...
cont... |
|
|
