31 Oct 14

Why a third of Americans treat their checking accounts like payday loans

Would you pay an interest rate of 17,000% to borrow $24? That might seem absurd, but you probably already have — and maybe more than once. The average debit transaction that incurs an overdraft fee is $24, according to a recent study by the Consumer Financial Protection Bureau (CFPB). The majority of these overdrafts are repaid in three days; in lending terms, the interest rate charged would be in the tens of thousands, according to » read more.


Link Category: Payday Loans



31 Oct 14

Morning News and Stuff

So, I skipped writing the morning news yesterday to hang out at City Council half the day. I know, you’re jealous. Let’s catch up. The city should declare Mahogany’s, the former restaurant at The Banks, in default on its $300,000 loan, Councilman Kevin Flynn said during the Budget and Finance Committee meeting yesterday. After coming to The Banks two years ago, restaurant owner Liz Rogers fell behind on rent, loan payments and state sales taxes, » read more.


Link Category: Educational Loans



31 Oct 14

Funding your dreams

Former President APJ.Abdul Kalam famously said, A dream is not that which you see while sleeping, it is something that does not let you sleep. Everyone has dreams. But how does one bear the cost of the education that will help him/her realise their dreams? Several students aspire to study abroad or pursue specialised courses but hold themselves back because of financial constraints. This is where an education loan can help. Taking a loan would » read more.


Link Category: Educational Loans



30 Oct 14

California Community Colleges Launches Financial Literacy Campaign

Targeted News Service SACRAMENTO, Calif., Oct. 2 — The California Community Colleges Chancellors Office issued the following news release: Taking action to help students make wise financial choices and prepare for their future, the California Community Colleges today announced it has partnered with the non-profit organization National Endowment for Financial Education, to make its free online financial literacy product, CashCourse, available to every student in the system. The product, available at www.cashcourse.org, provides students with » read more.


Link Category: Educational Loans



30 Oct 14

SOWELL: Predatory journalism on payday loans

Predatory journalism on payday loans and price controls Editorial demagoguery pushing big government victimizes the underclass


Link Category: Payday Loans



29 Oct 14

Are workplace loans the new payday loans?

Payday loans have never been the dandy of consumer advocates who say the short-term, high-interest loans can trap people in cycles of debt. Defenders of the loans, however, say payday loans fulfill an essential need for a temporary financial need – such as a car repair. But now there is a new type of loan surfacing across America. They are called workplace loans and some experts fear that they are just as bad as payday » read more.


Link Category: Payday Loans



29 Oct 14

Editorial: Making payday loans work

City politicians’ hearts are in the right place in wanting to put limits on payday loan shops. The lenders of last resort are frequented by folks unable to access money anywhere else, so they fall prey to high interest rates and punitive penalties. Calgarian Timothy Afolayan paid $2,500 interest on a $600 loan over 10 months, he related in a letter to the editor Wednesday. Council voted 11-2 this week to study ways of restricting » read more.


Link Category: Payday Loans



29 Oct 14

Consumer Credit in U.S. Increases at Slowest Pace Since November

Consumer borrowing in the US increased in August at the slowest pace in nine months as credit-card use declined. The $13.5 billion gain in credit followed a $21.6 billion advance in July that was smaller than previously estimated, a report from the Federal Reserve in Washington showed today. Non-revolving loans, which include borrowing for autos and college tuition, climbed $13.7 billion, the smallest increase since January. Households wary of taking on more debt are being » read more.


Link Category: Educational Loans



29 Oct 14

At 650% interest, that online payday loan is a steal

Online payday loan operators threaten their customers, promote loans designed for long-term indebtedness, and charge exorbitant interest rates, according to a study by the Pew Charitable Trusts. Lump-sum loans online typically cost $25 per $100 borrowed per pay period–an approximately 650 percent annual percentage rate, Pew said. The report, Fraud and Abuse Online: Harmful Practices in Internet Payday Lending, (PDF) comes a month after the Federal Trade Commission halted an only payday scheme that the » read more.


Link Category: Payday Loans



28 Oct 14

Kansas City-based payday lenders’ practices leave borrowers scrambling

Jeannie Morris thought she’d snag a loan on the Internet to pay for her daughter’s wedding photographer. So she punched personal information into websites that offered to match her with payday lenders. Soon, without asking her approval, two unrelated online lenders based in Kansas City had plopped $300 each into her bank account. Together, they began withdrawing $360 a month in interest payments. After the loan companies cleaned out her account, sharp calls from collection » read more.


Link Category: Payday Loans




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