Payday Loan Borrowers Still Getting Shafted With Fees

A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using the payment plans, borrowers continue to pay for costly loan … Read more

Why Do Payday Loans Get a Bad Rap?

With big, bright signs offering quick cash, storefronts for payday loans are hard to miss. But while they may offer plenty of promises for easy financial help, there’s more to them than meets the eye.  Before you go down the financial rabbit hole payday loans can create, there are some things you may want to … Read more

United Legal Investigation Bureau is Coming After Me

surprised shocked

Question: Dear Steve, A threatening e-mail saying I owe for a loan I NEVER TOOK. Telling me I will be served if I don’t pay in 24 hours. Threatening all the things you list in your bogus letters. Telling my employer, my family, the case will be downloaded in 24 hours and I will be … Read more

I Don’t Get Much From Social Security and Can’t Afford Payday Loans

Senior Female Laptop

Question: Dear Steve, I’m on Social Security. I get only $579.00 a month. I have 2 payday loans, $657.00 & $557.00 I can afford to keep paying the interest of $147.00 & $95.00 each month cause I’m able to pay anything toward the Principal. I need some kind of help. What is your charge to … Read more

Do I Have to Payback a Loan if the Lender is Not Licensed?

Question: Dear Steve, I have about $110k in debt ($22k on two cars, $88k in various credit card/unsecured debt). Some of my creditors are online short-term/payday loans. I have heard that such loans may or may not be illegal, because the creditors are not licensed in my state (Texas). If a lender is not licensed … Read more

They Sued Thousands of Borrowers During the Pandemic

A Silicon Valley-based installment lender that caters to Latino immigrants announced on Tuesday that it would drop all the lawsuits it has filed against borrowers who fell behind on payments, including during the coronavirus pandemic. Oportun Inc. also said it would cap interest rates on new loans at 36% — a percentage that consumer advocates … Read more

It’s Your Own Damn Fault if You Get Screwed Over by Payday Loans the CFPB Seems to Signal

The Consumer Financial Protection Bureau (CFPB) is rolling back protections for consumers that payday lenders needed to first make sure the expensive loans they were selling could be afforded by the consumer. As it stands now, payday lenders will have a much easier time selling mathematically unaffordable loans and setting consumers up for failure. The … Read more

Cash Store Maybe Learns a Lesson. About Doing Bad Things

The Consumer Financial Protection Bureau (Bureau) announced a settlement with Cottonwood Financial, Ltd., which does business under the name Cash Store. Cash Store is based in Irving, Texas and owns and operates roughly 340 retail lending outlets in Idaho, Illinois, Michigan, New Mexico, Texas, Utah, and Wisconsin. The Bureau found that in the course of … Read more

How Do I Get First Choice Advocacy to Stop Contacting Me?

Question: Dear Steve, I have 2 payday loans, one I revoked and they charged the loan off supposedly. They continued to send in requests to my bank even when the dates weren’t authorized. The bank put a stop pay but they keep trying. I know I shouldn’t have even contacted these payday loan lenders, but … Read more

They Loan You Money. Then They Get A Warrant For Your Arrest.

Cecila Avila was finishing a work shift at a Walmart. David Gordon was at church. Darrell Reese was watching his granddaughter at home. Jessica Albritton had pulled into the parking lot at her job, where she packed and shipped bike parts. All four were arrested by an armed constable, handcuffed and booked into jail. They … Read more

CFPB Sues Brokers of Credit Offers

The Consumer Financial Protection Bureau (Bureau) and the South Carolina Department of Consumer Affairs (South Carolina) today filed a lawsuit in federal district court in the District of South Carolina against Katharine Snyder, Performance Arbitrage Company, Inc., and Life Funding Options, Inc. The companies, owned and operated by Snyder, brokered contracts offering high-interest credit to … Read more

Can First Choice Advocacy Really Eliminate My Payday Loans?

Question: Dear Steve, I currently Have two Payday Loans that I am currently making Bi-Weekly payments on. These are very high yield Interest loans as most payday loans are structured. I end up paying a total of $700 a month to these payday loan companies via ACH withdraw from my Bank Account. These scheduled payments … Read more