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Payday Loan Industry News
27 April 2008
Payday Loan Control - Early this month, the provincial government tabled legislation to curb abusive payday lending practices. The way it works is payday loan operators lend cash to people who in turn pay a fee and interest on whatever amount they take.
Read More Payday Loan Control

25 April 2008
Payday Lending Limits - A bill that would have placed reasonable limits on payday lending to protect some of South Carolina's most vulnerable residents is at risk of being significantly weakened by changes suggested by a House subcommittee.
Read More Payday Lending Limits

21 April 2008
Virginia Town to Fund Payday Loan Education - Alexandria City Council member, Justin Wilson, has proposed a new tax on payday lenders. This money would help fund consumer education services provided by the city.
Read More Payday Loan Education

19 April 2008
Gubernatorial Candidate Pushes For Payday Loan Restrictions - Missouri gubernatorial candidate Jay Nixon, continues his push for proposed payday loan restrictions..
Read More Gubernatorial Candidate Pushes For Payday Loan Restrictions

18 April 2008
Money Mart Ok with Manitoba Interest Rates - Manitoba Public Utilities Board has set a maxixmum cost for payday loans up to $500 at 17 Percent. Also providing lower rates for those on social assistance or employment insurance.
Read More Money Mart Ok with Manitoba Interest Rates

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26 January 20098

Close Your Bank Account

From experience, I know how easy it is to get over your head in Payday Loan Debt. You may be experiencing this cash squeeze right now. You may have even had a payday loan provider take money out of your account unexpectedly. This normally happens when you have been late on payments or made no payments at all.

If you read the fine print on your contract, I sure it reads that they can attempt to collect their money from your account at any time. Especially if you have defaulted on your loan.

If this has happened or you have completely lost all control of your finances, it may be best to close your banking account. This is not a recommendation of any kind, but it may be your last and only resort.

First, talk to your personal banker and see if you have any other alternatives before you close your account. Believe me, bankers are well aware of what can happen when Payday Loan providers pull out all the stops to collect their money.

Most times, you can avoid this unpleasant happening if you pick up the phone and try to work out a plan with your payday loan lender. If you honestly try to work out a plan to pay off your payday debt, most lenders will acommodate you if they can.

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