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Tag Archives: payday loans

FTC Action Stops Scammers Who Collected Millions in Phantom Payday Loan Debts


The operators of a fraudulent debt collection scheme will be banned from the debt collection business under a settlement with the Federal Trade Commission, resolving charges that they illegally processed more than $5.2 million in payments from consumers for payday loan debts they did not owe. The settlement resolves a complaint the FTC filed against Kirit Patel, Broadway Global Master ... Read More »

    Attorney at Law Charles H. Huber Speaks Out on New Payday Loan Regulations

    payday loan

    St. Louis, MO (PRWEB) February 26, 2015 In a move to protect consumers from deceptive payday lenders advertising quick cash, the Consumer Financial Protection Bureau (CFPB) will soon draft the first-ever set of federal regulations for these lenders. According to the New Republic (2/11/15), the $ 46-billion payday lending industry collects about 12 million from their customers every year — ... Read More »

      Payday Lenders Might Face Federal Rules to Protect Borrowers

      Abstract Image of Business People Walking on the Street

      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 »

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

        payday loan

        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 »

          How Payday Lenders Fight to Stay Legal

          payday loan

          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 »

            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 »

              My Mother Died, I’m Behind on Rent and My Car. I’m Scared. – Michelle


              “Dear Steve, My mother passed away in October – no life insurance – I took out 2 pay day loans and 3 payday installment loans to cover expenses and then my bank finally gave me a loan for her funeral expenses. But now I am caught in the vicious payday loan cycle and can not take care of daily living ... Read More »

                Soldiers Wounded by Debt, Not Bullets

                Military Flag

                by Paul Kiel, ProPublica, and Mitchell Hartman, Marketplace, May 15, 2013, 5:50 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 »

                  The Ultimate Debt Consolidation Loan Guide: Getting Approved, Acting Smart, and Being Wise


                  You hear a lot of rubbish online about getting a debt consolidation loan and a lot of just flat out incorrect information. It’s time to put an end to that and help you get the facts so you can make a good educated decision. So here is my guide to help you learn the pros and cons about getting a ... Read More »

                    Will the Payday Loan Store Go After Me for Check Fraud? – Dave

                    payday loan

                    “Dear Steve, I had several payday loans that I took out on line.Each one was for $250.00. I payed on it for a while just the interest. I got in touch with a consolidation company that said they could help . They kept saying that they would help but they never did. I have made arrangments with 2 companies to ... Read More »

                      I’ve Learned My Lesson About Borrowing From Payday Loans. – Hillary

                      black-hole narrow

                      “Dear Steve, I have several payday loans out and they are all due at once. I made arrangements to make payments on two of the loans but the other company wants the full amount. I want to find a legitimate payday loan consolidation company if possible or to get help figuring out the best way to pay off the debt ... Read More »

                        JPMorgan Chase Fighting Back Against Online Payday Lenders

                        payday loan

                        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 »

                          I’m Falling Behind on My Other Bills to Keep My Payday Loans Current. – Rebecca

                          top secret

                          “Dear Steve, I have 2 payday loans 1 for $650 w/a local loan service and 1 for $750 with a online company. I’m current on my payments with both (online company withdraws from my bank acct) but I’m only able to pay the minimum balance owed and I’m falling behind on all my other bills. It seems like I’m paying ... Read More »

                            A Collection Company Bought an Old Payday Loan I Owed. They Are Threatening Me. – Ian

                            angry caller

                            “Dear Steve, an old pay day loan of 600.00 which i did not pay was bougth by a 3rd party collection bcm they called me and said they had court papers to delive but icould pay them 1200.00 and they would cancel them they taped me saying that i owed the debt and to pay payments to them if i ... Read More »

                              I Have Several Payday Loans I Can’t Afford to Pay. What Company Should I Use? – Myma

                              payday loan

                              “Dear Steve, several payday loans, cannot make house payments at this point. I know I have not been very respoisble but need help what company is legit to use to help do settlements with these companies? I want to pay them just need to reduce the payments so I can pay my other bills. Please help I dont want to ... Read More »

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