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 …
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 …
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 …
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 …
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 …
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 …
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 …
Question: Dear Steve, I am currently looking at consolidating my payday loans into one payment and have been looking at loan consolidation companies. Is mypaydayloanrelief.com legitimate? Jason Answer: Dear Jason, These kinds of questions are always really tough because I don’t know what “legitimate” means to you or the next person. I would recommend that …
Question: Dear Steve, I am currently on SSDI (Social Security Disability Income) and have been in a payday loan for over 5 years where each month I have to re-loan to catch up. My bank account is negative $600 almost half my SSDI check each month. And also owe $600 the same month. that is …
Attorney General Josh Stein was granted a temporary restraining order against the Miami, Fla.-based online payday lender Approved Financial, Inc. in a case he filed on May 15, 2019. The case alleges illegal, unlicensed lending practices, usury, unlawful debt collection, and unfair and deceptive practices. The temporary restraining order, entered by Superior Court Judge Stephen …