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Payday Loan

CFPB Calls Bullshit on NDG Enterprise and Offshore Payday Lenders

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The Consumer Financial Protection Bureau (CFPB) today announced the filing of a lawsuit in federal district court against the NDG Enterprise, a complex web of commonly controlled companies, for collecting money consumers did not owe. The CFPB alleges that the defendants illegally collected loan amounts and fees that were void or that consumers had no obligations to repay, and falsely ... Read More »

    More Payday Loan Fraud Stomped On by FTC

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    The operators of a payday lending scheme that allegedly bilked millions of dollars from consumers by trapping them into loans they never authorized will be banned from the consumer lending business under settlements with the Federal Trade Commission. The settlements stem from charges the FTC filed last year alleging that Timothy A. Coppinger, Frampton T. Rowland III, and their companies ... Read More »

      FTC Goes After Debt Relief Companies Who Deal With Payday Loans

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      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 ... Read More »

        Payday Lenders Might Face Federal Rules to Protect Borrowers

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        The New York Times is reporting the Consumer Financial Protection Bureau (CFPB) may take action this year to rein in the abuses in the payday loan industry. Research by the CFPB has shown more than 80 percent of payday loans are rolled over or followed by another loan within 14 days; half of all payday loans are in a sequence ... Read More »

          FTC Stops Payday Loan Scammers From Tapping Bank Accounts

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          A data broker operation sold the sensitive personal information of hundreds of thousands of consumers – including Social Security and bank account numbers – to scammers who allegedly debited millions from their accounts, the Federal Trade Commission charged in a complaint filed today. According to the FTC’s complaint, data broker LeapLab bought payday loan applications of financially strapped consumers, and ... Read More »

            Phony Payday Loan Lenders Lose Rolls Royce and Ferrari

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            The operators of a Tampa, Florida-based payday loan broker scheme have agreed to settle Federal Trade Commission charges that they falsely promised to help consumers get loans, but instead used consumers’ personal financial data to take money from their bank accounts without their consent. Claiming to be affiliated with a network of 120 potential payday lenders, defendants Sean C. Mulrooney ... Read More »

              NC Files Suit Against CashCall and Western Sky Financial to Stop Payday Loans

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              Yesterday the Consumer Financial Protection Bureau announced taking action against an online payday loan enterprise that attempted to use Indian Tribal lenders to skirt laws on these types of loans. You can read all about that here. The State of North Carolina, in an effort to try and protect its citizens, also filed suit against CashCall and Western Sky Financial. ... Read More »

                CFPB Sues CashCall for Illegal Loan Servicing

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                The Consumer Financial Protection Bureau action taken today against an online lender and Indian Tribe lender may just be the first big step to eradicating these loophole loans which charge consumers more than they should pay. In some cases the loans are voided and consumers do not need to repay anything. Today the Consumer Financial Protection Bureau (CFPB) took its ... Read More »

                  When Lenders Sue, Quick Cash Can Turn Into a Lifetime of Debt

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                  by Paul Kiel ProPublica, Dec. 13, 2013, 10:47 a.m. A version of this story will be published in the St. Louis Post-Dispatch on Sunday. Five years ago, Naya Burks of St. Louis borrowed $1,000 from AmeriCash Loans. The money came at a steep price: She had to pay back $1,737 over six months. “I really needed the cash, and that ... Read More »

                    Fake Payday Loan Collectors Halted by Court

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                    At the request of the Federal Trade Commission, a U.S. district court has halted an operation based in Atlanta and Cleveland that allegedly used deceptive and threatening tactics to collect phantom payday loan “debts” that consumers either did not owe, or did not owe to the defendants. The court order freezes the defendants’ assets to preserve the possibility of providing ... Read More »

                      FTC Slams Phony Payday Lender to Ground

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                      At the request of the Federal Trade Commission, a U.S. district court has halted a Tampa, Florida-based operation that promised to help consumers get payday loans. Instead of loans, the defendants used consumers’ personal financial information to debit their bank accounts in increments of $30 without their authorization, the FTC alleged. Claiming to be affiliated with a network of 120 ... Read More »

                        Payday Lenders in Texas Try to Dodge Law

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                        by Paul Kiel ProPublica Alarmed by the explosion of high-cost lending in the state, cities across Texas have passed ordinances to prevent the cycle of debt that short-term, high-cost loans can create. But some big lenders are finding clever ways around the laws — like giving away cash for free. TitleMax promises to “make getting cash easy!” To get a ... Read More »

                          Western Sky Financial Pulls up Stakes

                          Western Sky Financial Heads Into Sunset.

                          You know those pesky Western Sky Financial payday loan commercials that have infected our televisions? They will soon be a thing of the past apparently. Western Sky Financial had been making payday loans all over the United States and charging problematic interest rates. The company felt they were exempt from state laws because they are owned and operated by the ... Read More »

                            How Payday Lenders Fight to Stay Legal

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                            by Paul Kiel ProPublica, Aug. 2, 2013, 9 a.m. A version of this story was co-published with the St. Louis Post-Dispatch. As the Rev. Susan McCann stood outside a public library in Springfield, Mo., last year, she did her best to persuade passers-by to sign an initiative to ban high-cost payday loans. But it was difficult to keep her composure, ... Read More »

                              Perpetuating Poverty: Exploitative Businesses, the Urban Poor, and the Failure of Liberal Reform

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                              Here is a new paper out that may be of interest to all who want to know more about rent-to-own, payday lending and the title loan business. David Papke from the Marquette University Law School is to be commended for this paper. “This article scrutinizes the rent-to-own, payday lending, and title pawn businesses – all of which target and exploit ... Read More »

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