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Payday Loan Reality: What It Is, What It Does, and Who Falls in the Trap

Concept of daily routine

The kind folks over at Pew Trust did a great series on payday loans to help make them more understandable. The videos help to explain the pros and cons of payday loans and why they can be helpful for some and incredibly expensive for most. The payday loan issue is another one of those situations where when used appropriately it ... Read More »

    Soldiers Wounded by Debt, Not Bullets

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    by Paul Kiel, ProPublica, and Mitchell Hartman, Marketplace, May 15, 2013, 5:50 a.m.by Paul Kiel and Krista Kjellman Schmidt, ProPublica, May 15 This story was co-produced with Marketplace. Listen to their coverage. Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge ... Read More »

      How Installment Lenders Put Borrowers in a World of Hurt

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      by Paul Kiel ProPublica This story was co-produced with Marketplace. Listen to their coverage. One day late last year, Katrina Sutton stood at a gas pump outside Atlanta and swiped her debit card. Insufficient funds. But that couldn’t be. She’d been careful to wait until her $270 paycheck from Walmart had hit her account. The money wasn’t there? It was ... Read More »

        JPMorgan Chase Fighting Back Against Online Payday Lenders

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        Props to Chase Bank for their recent announcement they will be helping their customers fight back against online payday lenders. According to a report by Jessica Silver-Greenberg JPMorgan will give customer even more power to stop debits from their accounts by online payday lenders. Bank of American and Wells Fargo have no similar changes planned. While it is a great ... Read More »

          MyPayDayRelief Selling Debt Settlement to American’s But Not Located in America

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          A reader posted a consumer complaint about MyPayDayRelief.com and claimed the company is actually located in the Philippines. Interesting accusation. While there have been other posts about MyPayDayRelief.com on the site and in Is MyPaydayRelief.com a Scam? – Helen I did raise a concern the company did not disclose where they were located. Looking at the MyPayDayRelief.com site gives the ... Read More »

            Native American Tribal Indian Payday Loans Found to Be Operating Illegally

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            The Federal Trade Commission has taken action against a payday lending operation that allegedly piled on undisclosed and inflated fees, and collected on loans illegally by threatening borrowers with arrest and lawsuits. The FTC has asked a federal court to stop the allegedly illegal business tactics while the agency pursues its case against the defendants. Like other payday lenders in ... Read More »

              Active Duty Soldier Loses Truck to Title Loan Lender and Why This is News

              Jason Cox, an active duty Army Staff Sargent has filed suit against Community Loans of America and Alabama Title Loans over the repossession of his truck. “Big deal,” you might say. But this case does bring up some bigger issues. Active duty military service members are protected by what is called the Military Lending Act of 2007. The MLA applies ... Read More »

                Danger! Payday Loans are a Weapon of Mass Destruction

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                According to Wikipedia weapon of mass destruction (WMD) is a weapon that can kill and bring significant harm to a large numbers of humans (and other life forms) and/or cause great damage to man-made structures (e.g. buildings), natural structures (e.g. mountains), or the biosphere in general. WMD’s can harm innocent people and there’s no stopping them. Currently, I’m creating a ... Read More »

                  Minnesota Sues Payday Lenders

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                  This past week, Minnesota Attorney General Lori Swanson filed separate lawsuits against five Internet lenders that made loans to cash-strapped Minnesota borrowers that were marketed as providing “cash between paydays,” but that contained unlawfully high annual interest rates of up to 782% percent and that were often illegally extended from paycheck to paycheck, trapping the borrower in a cycle of ... Read More »

                    Your Local Bank May Become Your New Payday Lender

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                    National Consumer Law Center has uncovered a spreading Main Street bank trend in the payday lending world. Back in 2008 I had written an article about Kinceta Federal Credit Union in California that felt being in the payday loan business was good for their customers. At the time, the thought that a bank or credit union would get more into ... Read More »

                      Payday Lender Nailed by FTC for Fooling People

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                      At the request of the Federal Trade Commission, a federal court has halted an online operation that allegedly debited consumers’ bank accounts without their consent when consumers visited the defendants’ websites seeking payday loans. The court also froze the defendants’ assets, pending further court proceedings. As part of its continuing efforts to protect financially strapped consumers during the economic downturn, ... Read More »

                        Payday Loans: How Quick Is A Quick Solution?

                        Average Days Indebted

                        On March 31, 2011 The Center for Responsible Lending put out a publication entitled “Payday Loans, Inc.: Short on Credit, Long on Debt” where they featured a recent study of payday loan borrowers. The CRL tracked 11,000 Oklahoma payday loan borrowers for 24 months from the date of their first loan and revealed their findings in their latest publication. Their ... Read More »

                          Moneymaker Charged With Tricking People Into Seeking Payday Loans Billed Without Consent

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                          Bruce Moneymaker, Mike Smith, Michael Bruce Millerd, Fortress Secured, Daniel de la Cruz, Belfort Capital Ventures, Dynamic Online Solutions, HSC Labs, and Seaside Ventures Trust were all charged with unfairly and deceptively billing consumers without their consent, and not providing promised refunds, in violation of federal law. At the FTC’s request, a federal court temporarily halted the defendants’ deceptive practices ... Read More »

                            BillFloat.com – A Great Alternative to Payday Loans

                            BillFloat - How It Works

                            This year at SXSW I had the pleasure of meeting and hearing Ryan Gilbert from BillFloat.com speak at the “Dawn of the Data: Future of Consumer Lending” panel. Ryan spoke of his service BillFoat.com, an alternative to payday loan lending. I remember sitting in my seat, surrounded by other finance thirsty attendees thinking, “wow, this sounds like a good idea.” ... Read More »

                              Online Payday Loan Provider Impact Cash Charged as a Ponzi.

                              The SEC just filed suit against John Scott Clark, Impact Cash, and Impact Payment Systems. The suit alleges Clark and Impact, which operated an online payday loan business, effectively lured investors in and took their money. From March 2006 to September 2010, Impact and Clark raised more than $47 million from 120 investors to run Impact and buy payday loan ... Read More »

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