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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

16 April 2008
Rate Cap Could Kill Payday Loan Industry - A California payday loan bill capping interest rates at 36 percent was gutted Tuesday by the state's Banking and Finance Committee..
Read More Rate Cap Could Kill Payday Loan Industry

15 April 2008
Some Ohio Payday Lenders Overcharging - Lansing - OFSI Commissioner, Ken Ross has ordered Payday Loan lenders in the state to stop overcharging for bounced checks. Some of the state's deferred presentment licensees are charging more than the $25 cap mandated by the Deferred Presentment Service Transactions Act.

14 April 2008
VA. Gov. Announces Payday Loan Amendment - Gov. Timothy M. Kaine announced Monday, an amendment tightening payday loan lender regulations. The regulations extending the length of payday loans were received a coll reception from both the payday loan industry and its critics.
Read More VA. Gov. Announces Payday Loan Amendment

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20 April 2008

Pay Day Lender

There are many pay day loan services a person can go to for a loan. These lenders normally offer loans from $100 to $1500. The amount a Payday Lender will loan will vary based on state laws and their own lending requirements.
Read more Pay Day Lender

Payday Loan Blog

17 April 2008

Payday Loan Niche Attacked

Payday Loan services are often portrayed in a bad light. Opponents scream this industry takes advantage of those who can least afford it. States legislatures are making attempts to cap interest rates payday lenders can charge. It seems everyone is trying to protect you.
Read more Payday Loan Niche Attacked

Payday Loan Blog

16 April 2008

Is 36 Percent the Magic Number?

In looking around at Payday Loan legislation news, it would appear a 36 Percent rate cap is the target number opponents have determined as their number.

The problem is these people are thinking in banking terms. A regular old bank would be tickled pink getting 36 percent APR on borrowed money. The thing they do not understand is this.
Read more Payday Loan Interest Rate Caps

Payday Loan Blog

14 April 2008

Will They Ever Learn?

I recently wrote an article about Virginia tightening their payday loan regulations. This got me to wondering if they ever will learn? I find it amazing that State and Federal Governments are missing the boat on payday loans.
Read more Will They Ever Learn?
Payday Loan Blog

13 April 2008

Let Uncle Sam Pay Off Your Pay Day Loan

Uncle Sam may soon be sending you money to pay off your pay day loan. Many qualified Americans will soon start receiving their economic stimulus package. Starting in May, the US Treasury will be sending more than 130 million payments to those who qualify.
Read more Pay Off Your Pay Day Loan
Payday Loan Blog

11 April 2008

Real Pay Day Loan Cost

A found a website built by Consumer Federation of America, Pay Day Loan Consumer Info. It has a super loan calculator that can help you determine the annual interest rate of your pay day loan. This is important because the notion of pay day loans being short term does not hold up for most borrowers. Most pay day loan borrowers with have 8 to 13 pay day loans of renewals in a years times.

This pay day loan calculator lets you set the following options.

  • Loan Fee
  • Pay Day Loan Amount Borrowed
  • Loan Length
  • Number of Loans or Rollovers before it is paid off
  • I especially like the last option. It helps you really get a good look at the true cost of your pay day loan.

    Getting a pay day loan is a great feeling when you are pinched for cash, but it WILL need to be paid back. It WILL impact your future financial stability if you do not have a pay back plan and understand the possible impact it can have on your life.

    Payday Loan Blog

    10 April 2008

    The Payday Loan Battle Heats Up

    The battle between state lawmakers and the payday loan industry continues to heat up.
    • Arkansas Attorney General, Dustin McDaniel has put the squeeze and Payday Loan Lenders for violating the states constitution which limits interest rates charged to borrowers.
    • Kansas City voters recently add a $1000 tax to Payday Loan providers to help pay for regulators.
    • Payday Loan supporters get loud as Ohio holds hearings to tightening payday loan regulations.
    I have mixed emotions regarding this battle. While at the height of my payday loan borrowing, I was paying over $1000 per month in interest. This massive debt load was strangling my financial foothold. On the other hand, I am a firm believer in personal responsibilty. I got myself in too deep with payday loans and I had to work a second job to pay these loans off. People need to understand what they are agreeing to before they secure a payday loan. They must have a payoff plan before they get the loan and work toward removing the cause that forced them to get this high interest financing.

    Payday Loans Lenders would not have been this successful had conventional lending institutions not ignored those who needed short term loans. Now it appears some Payday Loan lenders have gone too far by charging interest rates that far surpass the risk they take.

    Where will it all end? While I agree some forms of legislation is needed to curtail the greed of some payday loan lenders, it is insane to only allowing lenders to charge 17% APR. This will only drive the Payday Loan industry into the ground. Leaving those who need payday loans left out in the cold with no lenders to turn to.

    Does the Payday Loan Industry have a place in the financial market? I believe they do.

    Payday Loan Blog

    09 April 2008

    Payday Loan Considerations

    Finding a Payday Loan Provider is not very hard. Do a quick search on your favorite search engine and you have thousands of website to choose from. You'll see - Apply Here, easy 2 min application, and get up to 1500 into your account overnight. Are they all the same? Are their interest rates the same? Many questions need to be asked before you apply.

    Some time ago, I wrote an article, Payday Loan Considerations. I think this covers many of the questions one needs to ask before making any commitments on your payday loan.

    Payday Loan Blog

    April 8, 2008

    Careful Payday Loan Borrowing

    I know how it is when you are short on cash. I have been there. In my experience with payday loans, I have discovered one important thing. Only borrow what you can afford to payback on your next payday. Or within the next couple of paydays.

    Here's why...

    Most Payday Loan websites will tell you it is cheaper than a $30 fee for a bounced check. Let do the math. Assuming you only have one check coming in for $100, it will cost you $130 if it bounces. You borrow $100 from a Payday Loan provider who charges a $20 fee per hundred borrowed per payday. If you pay it off on your next payday. It will only cost you $120. Congrats! You saved $10 and the bounced check on your record. If you roll over your loan multiple times, the cost savings goes away and you run the risk of falling into a bad payday loan borrowing habit.

    In my previous blog, I discussed tips for saving money. Be sure to read the blog and try to implement some of the tips. You may be able to save some well needed money.

    Payday Loan Blog

    April 7, 2008

    Strategic tips for fixing Your Financial Emergency.

    Using this strategy for 30 or 60 days will create new habits that will save you a lot of money over time.

    1) Plug your big money drains.
    Sometimes this requires you to get rid of an activity that you really love. Do you camp or fish? Maybe it is time for you to sell your camper or boat. This may not be very easy to swallow. But you must get rid of the big money drains intil you get your finances in order.
    Read more about Financial Strategies

    Payday Loan Blog

    April 7, 2008

    Strategic tips for fixing Your Financial Emergency.

    Using this strategy for 30 or 60 days will create new habits that will save you a lot of money over time.

    1) Plug your big money drains.
    Sometimes this requires you to get rid of an activity that you really love. Do you camp or fish? Maybe it is time for you to sell your camper or boat. This may not be very easy to swallow. But you must get rid of the big money drains intil you get your finances in order.
    Read more about Financial Strategies


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