1 Mar 15

In a world of Wonga and payday loans, one historic Hull lending society’s main …

In a world of Wonga and payday loans, one historic Hull lending societys main interest is caring about its members


Link Category: Payday Loans



1 Mar 15

Payday loans thwart regulators

Borrowing money at an annual interest rate of 2,320 percent? Hard to believe, but that’s what state officials say was charged to one California consumer who took out an online payday loan last year. Charging excessive interest is just one of numerous illegal loan practices perpetrated by unscrupulous online payday lenders, who pop up almost as quickly as state officials try to squash them. This week, the state Department of Business Oversight announced it had » read more.


Link Category: Payday Loans



28 Feb 15

FTC Goes After Debt Relief Companies Who Deal With Payday Loans

On February 18, 2015 the Federal Trade Commission filed suit against PSC Administrative, Coastal Acquisitions, Infinity Client Solutions, Infinity Collect, Jared Irby, and Richard Hughes for violations of the Telemarketing Sales Rule. The FTC alleges the Defendants solicited consumers with debt relief services, who owed payday loans. Defendants have induced consumers to enroll in their program by claiming that they will renegotiate the repayment terms of consumers loans so that consumers payments will be reduced. » read more.


Link Category: Payday Loans



27 Feb 15

1496 cases settled at Lok Adalat

As many as 1,496 cases were settled at the Lok Adalat organised under the auspices of the District Legal Services Authority here on Saturday. A majority of the cases pertained to non-performing assets by banks and as many as 544 cases were settled for Rs.4.07 crore. The non-performing assets included educational loans sanctioned to college students for pursuing their higher education. A total of 870 persons got orders directing the local bodies to issue birth » read more.


Link Category: Educational Loans



27 Feb 15

FTC sues Payday Support Center, iNfinityCollect for deceptive relief to payday …

CLEVELAND, Ohio — The Federal Trade Commission on Tuesday filed its first suit against a debt relief company that targeted people struggling with payday loans. The FTC sued Payday Support Center LLC, which has since changed its name to PSC Administrative LLC, and Coastal Acquisitions, an Alabama-based telemarketing company that operates in Ohio as iNfinityCollect. The suit says Payday Support used cold calls and Internet and radio ads to offer assistance to people juggling multiple » read more.


Link Category: Payday Loans



26 Feb 15

DAVID ROSMAN: Missouri is ready to put a cap on payday loans

Sam needs an immediate infusion of cash to save his car from repossession. How much money? About $500 will do. However, because of his financial situation, Sam cannot get a short-term signature loan from the bank, so he turns to the only game in town, the local payday lender. As a matter of full disclosure, I, too, have had to take an occasional loan from a payday lender. Sam doesnt need a credit check; only » read more.


Link Category: Payday Loans



26 Feb 15

Payday Lenders Escaped Regulation, but Now They Face the Church

On one mile of the Atlanta Highway in Montgomery, Ala., more than a dozen stores offer payday loans or cash on a car title, or they let you pawn a ring. Easy Money, Always Money, TitleBucks: They remind the ReverendShannon Webster of vultures. “To cluster like that for the purpose of ripping off the poor, it’s against every kind of moral instruction that we have,” said Webster, 62, pastor at Birmingham’s First Presbyterian Church.


Link Category: Payday Loans



25 Feb 15

Payday Loans Entrap the Most Vulnerable

By Galen Carey As our economy continues to improve, there is a crushing weight holding many back: payday loans. While state and local leaders have taken up the cause in certain jurisdictions, this is a national problem that requires Congress to act. Unscrupulous lenders lure those who are already facing financial hardship into a┬ádebt trap from which it is very difficult to escape. Drawn by slick marketing, desperate borrowers are induced to accept unfavorable terms » read more.


Link Category: Payday Loans



19 Feb 15

Economics Daily Digest: Populist messaging, auditing the Fed, payday loans

What ‘Audit the Fed’ Really Means – and Threatens (WSJ) Robert Litan explains that Senator Pauls proposal calls on Government Accountability Office economists to go outside their expertise to report on the Feds activity and minimize its independence. Payday Loans Are Bleeding American Workers Dry. Finally, the Obama Administration Is Cracking Down. (TNR) Danny Vinik breaks down how payday loans harm consumers: the initial loan might not be so bad, but the repeated roll-overs have » read more.


Link Category: Payday Loans



19 Feb 15

Eurozone prepares for QE

The London economic consultancy Capital Economics has said: There is a clear danger of a more sustained period of deflation, which would destroy peripheral countries debt consolidation efforts, and could cause market concerns to once again spread from Greece. Now it is true that the eurozone had a period of deflation back in 2009. It lasted five months. But Capital Economics reckons the recent fall in energy prices could keep the eurozone in deflation territory » read more.


Link Category: Debt Consolidation




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