25 Jan 15

Giving Ohioans an Alternative to High Interest Payday Loans

When unexpected costs arise before tax returns come in, workers are faced with a dilemma, and many workers turn to predatory payday loans to make ends meet. These loans – which can carry hidden fees and can have annual interest rates more than 500 percent – often trap borrowers in a cycle of debt. There are more payday lending stores in the United States than there are McDonald’s and Starbucks combined. These operations are thriving » read more.


Link Category: Payday Loans



25 Jan 15

Payday Lending by Tribe Targeted by Connecticut

Other regulators have raised questions about whether some payday websites are really owned by tribes. Pennsylvania’s attorney general sued Think Finance Inc. in November for using tribes, including the Otoe-Missouria, as a cover for an “illegal payday-loan scheme.” Jennifer Burner, a spokeswoman for Fort Worth, Texas-based Think Finance, said last year that the companies cited in the complaint are legal and licensed. “We’re proud to be a service provider to Native American e-commerce lending businesses,” » read more.


Link Category: Payday Loans



24 Jan 15

Payday Loans: Ohio Senator Offers Alternative

Payday Loans: Ohio Senator Offers Alternative Sen. Sherrod Brown (D-OH) offered an alternative to payday loans that would give taxpayers an option to get an advance on their expected income tax refund, WMFJ reported. The proposal would allow an interest-free advance of as much as $500 from tax refund money, allowing consumers to save the high interest rates typically paid with payday loans.


Link Category: Payday Loans



24 Jan 15

KC payday loans case hits snag

A federal judge has frozen the assets of a Kansas City payday lender — including, the company says, the money it needs to hire legal counsel. Prosecutors have filed a motion for default judgment against Hydra Group, claiming that it has yet to hire attorneys or defend itself in any way against the suit, which was brought in September by the Consumer Financial Protection Bureau. The lawsuit claims that the company bought consumer financial information » read more.


Link Category: Payday Loans



24 Jan 15

Getting rid of holiday debt

Action News spoke with Visions Federal Credit Union Tuesday which has several programs and solutions to help people become debt free. One option is to talk with financial advisers who help find a way to easily pay it back. Vice President Tracey Wheeler said Visions always is prepared right after the holiday season because this is when some people need the most help. I think that, new year resolution everybody thinks what are they? Well, » read more.


Link Category: Debt Consolidation



23 Jan 15

Better Business Bureau: Payday Loans

Payday loans are loans of short duration, usually two weeks, and can be obtained from a physical payday loan store or on the internet. Better Business Bureau receives hundreds of complaints against payday loan companies alleging threats of arrest and notifications to employers about their debt. Complaints also state that consumers who apply for loans online may not see the full disclosure of interest rates or fees until after they have signed the documents and » read more.


Link Category: Payday Loans



22 Jan 15

Payday loan charges cap takes effect

A cap on the cost of payday loans enforced by the City regulator has now come into effect. Payday loan rates will be capped at 0.8% per day of the amount borrowed, and no-one will have to pay back more than twice the amount they borrowed. The Financial Conduct Authority (FCA) said those unable to repay should be prevented from taking out such loans. Many payday lenders have already closed down, in anticipation of the » read more.


Link Category: Payday Loans



22 Jan 15

BBB gives advice on how to avoid scams in 2015

AMHERST, NY (WKBW) – It is a new year and there are new scams out there preying on Western New Yorkers. The Better Business Bureau is working to help people avoid issues and scams through phone, computer and mail. One of the scams is computer based. A caller claims to be from Microsoft or a representative from another computer software company. The caller offers to solve a computer problem or sell a software. The best » read more.


Link Category: Debt Consolidation



21 Jan 15

Credit card rates hit debtors

Wellington-based mortgage broker Craig Pope said he had not noticed any seasonal spike in debt consolidation, with many people waiting months before tackling their holiday hangovers. However, he said the Reserve Banks rules had certainly made it more difficult to top up a mortgage for the likes of debt consolidation or renovations. Rather than adding to the mortgage, it could be a personal loan or something along those lines that becomes the solution, he said. » read more.


Link Category: Debt Consolidation



20 Jan 15

Scotland Have Highest UK Debt from Council Tax and Payday Lenders

Scotland has the highest payday loan debts and level of council tax arrears throughout the UK, latest debt charity figures show. According to StepChange, the average Scottish debt as a result of using payday lenders was £1,438 – £129 more than the rest of Britain. From January to June 2014 this charity gave advice to 4,369 Scottish residents who were worried about their financial situation. StepChange also revealed that 39 per cent of Scottish residents » read more.


Link Category: Debt Consolidation




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