25 Apr 15

Pawn to cushion payday lenders from regulatory blow

(Reuters) – Payday lenders that have substantial pawn operations are better positioned to absorb the blow from proposed US regulations aimed at cracking down on an industry that has been criticized for saddling borrowers with debt they cannot repay. The Consumer Financial Protection Bureau has proposed a number of guidelines for the industry, including limiting the number of loans per customer to six per year. The move is expected to hurt lending volumes and revenue » read more.


Link Category: Payday Loans



24 Apr 15

How to Get a Credit Card With Bad Credit

1.#160;Check your credit. Before applying for any type of credit card, check your own credit to find out where you stand. Checking your own credit does not count as a hard inquiry and wont affect your credit score.#160;If your credit score is low — usually below 600 or 500, depending on the type of score (FICO or VantageScore) the credit card lender uses — then its time to apply for a secured credit card to » read more.


Link Category: Secured Credit Cards



24 Apr 15

Payday lending is a sin in plain sight: Rev. Willie Gable Jr.

Pastors know the experience well: a member of the church or the neighborhood knocks on the door and asks to borrow a few hundred dollars for an unexpected expense that crept up on them. Our church has written out checks to the auto repair shop or the pharmacy or the landlord. Congregations are happy to help when they can, and many – like ours – do so frequently. But we have competition. And its not » read more.


Link Category: Payday Loans



23 Apr 15

What the CFPB’s New Proposals on Payday Loans Mean to Consumers

NEW YORK (MainStreet) — The federal government, via the Federal Consumer Protection Bureau, is getting increasingly aggressive on oversight of the payday loan industry. Noting that 80% of payday loans in the US last year resulted in the need for another loan within 14 days, the consumer watchdog agency is looking to reform the industrys model. It wants payday, auto title and installment lenders to review a borrowers ability to repay a loan in full and on » read more.


Link Category: Payday Loans



22 Apr 15

Better late than never: Montel Williams to stop endorsing payday loans

There is another small ray of good news today in the long-term battle to rid the nation of the predatory scalawags in the payday loan racket. After years as serving as the well-compensated barker for the sharks at MoneyMutual, TV pitchman Montel Williams has announced that he will stop endorsing the company. The announcement came just a day after the New York Department of Financial Services announced a settlement with owners of MoneyMutual that prohibits » read more.


Link Category: Payday Loans



22 Apr 15

Simply dial 211: Get connected, Get answers

Financial counseling One of the most common concerns we hear about at Great Rivers 2-1-1 is not being able to make ends meet. For some people, keeping up with expenses is an ongoing problem, while others may be able to keep up, but have no extra savings for an unexpected expense. There are many people today who struggle to pay bills and often this can seem to be a hopeless experience. However, it doesn’t need » read more.


Link Category: Debt Consolidation



21 Apr 15

Payday loan industry regulations coming for New Brunswick

Horsmanwas responding to questions ThursdayfromGreen Party Leader David Coon about the governments plan to protect cash-strapped citizens from payday lenders, who offer short-term, high-interest loans. The act to regulate payday loans wasgiven royal assent sevenyears ago but never proclaimed, despite the urgent need for action to protect the working poor from punishing rates and fees, frankly, charged for payday loans in this province because of the lack of regulation, Coon said in the legislature. The » read more.


Link Category: Payday Loans



21 Apr 15

Voters to vote on issues ranging from money for school improvements to payday …

City Councilwoman Jan Marcason said voters already passed the fee once, but payday loan companies adjusted the way they do business to get around it. She hopes voters will agree to impose the fee again. Were just doing what we can as a city to stop the concentration of payday loans because some of the neighborhoods felt that with that much of a concentration in their neighborhood it gave the impression that that neighborhood was » read more.


Link Category: Payday Loans



20 Apr 15

Community Funds Push for New Payday-Lending Rules

A coalition of 57 community foundations has united to push for tough new rules to curb payday lending, signing a letter asking the Consumer Financial Protection Bureau to curtail a practice that can trap consumers in a vicious cycle of debt. Low-income neighborhoods across the United States are being assailed by predatory payday lenders, whose loans can carry annual interest rates of 400 percent, Emmett Carson, chief executive of Silicon Valley Community Foundation, who spearheaded » read more.


Link Category: Payday Loans



19 Apr 15

Getting a New Car When You’re a New Citizen

If you are a new citizen of the United States, you may be curious as to how to go about purchasing your first car. Whether youre in the market for a brand new car, or a just a vehicle that is new to you, acquiring financing for such a purchase can be tricky. Usually, when you apply for an auto loan, your prospective lender will check your credit report in order to determine whether or » read more.


Link Category: Secured Credit Cards




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