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Recent Posts in Pay Day Loans

  • Post-Bankruptcy Survival: Protecting Yourself From The "New" Payday Loan

    Posted By admin || 29-Aug-2011

    Protecting Yourself From The "New" Payday Loan Due to the lack of conventional credit access right after your bankruptcy discharge, you may be tempted to take on short-term loans with high interest rates. Most post-bankruptcy debtors already know about the dangers of predatory payday loans; but what about the new and "improved" versions of payday loans offered by traditional banks? Many banks are ...
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  • Payday Lending Regulation - A Matter Of Information Or Options?

    Posted By admin || 8-Aug-2011

    Texas is still lagging far behind many states in regulating payday loan operations. Many consumer advocates want tougher rules and clearer disclosures so that fewer low-income families find themselves struggling to repay payday loans which often come with interest of up to 400 percent. The payday loan industry argues that they are offering a valuable service to those who have no other options, ...
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  • Texas Passes Payday And Title Loan Laws

    Posted By admin || 2-Aug-2011

    Bankruptcy and Title Loans in Texas House Bill 2592 and House Bill 2594 governing payday loan and car title lenders passed last week giving consumers more protection. House Bill 2592 requires more noticeable disclosures regarding fees and interest rates. House Bill 2594 requires both payday loan and car title lenders to be licensed and regulated by the state. The good news for Texas debtors is ...
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  • Will Payday Lenders Avoid New Restrictions By Residing On Tribal Lands

    Posted By admin || 14-Jul-2011

    Many debtors filing bankruptcy have already been devoured financially by the payday lending industry. They walk into the bankruptcy attorney office weighed down with high interest rate payday loans, desperate for a way out. The Dodd-Frank Act of financial reforms was designed to alleviate much of that desperation and financial suffering; but some payday lenders are determined to get their way by ...
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  • Dallas Passes Tough Laws For Payday Lenders

    Posted By admin || 1-Jul-2011

    The City of Dallas has joined the hundreds of cities around the country who are standing up to payday loan companies and saying enough is enough. The City Council voted last week to implement new tough rules governing payday loan companies in the city. Below are a few of the new rules: Payday loan companies are restricted from lending customers more than they can afford to repay. The city will ...
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  • Payday Loan Legislation Awaits Texas Governor's Signature

    Posted By admin || 9-Jun-2011

    Two measures regulating payday and auto title loans which were passed by the Texas Legislature await Gov. Rick Perry's signature. If passed, the two bills will establish a licensing and regulatory framework for all short-term consumer loans such as payday loans and auto title loans. However, they will not cap fees or the amount that can be loaned to a debtor. Currently, payday loan lenders and ...
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  • Officials Defend Military Members Against Financial Predators

    Posted By admin || 3-Jun-2011

    Military members and their families are part of a demographic which is particularly vulnerable to predatory lenders. Up until now, the government has responded by instituting rules and laws designed to decrease the chances that service members becoming the victims of predatory loans. However, that has not always worked. That's why the Office of Service member Affairs (OSA) was recently unveiled as ...
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  • Credit Unions The New Payday Lender?

    Posted By admin || 2-Jun-2011

    Credit Unions, which are non-profit financial institutions not allowed to raise capital in the way a traditional bank can, are now allowed to offer payday loan 'alternatives' but some say that offering high interest loans doesn't match with the general spirit of credit unions. In September, the National Credit Union Administration raised the annual interest rate cap to 28 percent from 18 percent ...
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  • What The Consumer Financial Protection Bureau Will Do For You

    Posted By admin || 1-Jun-2011

    How the Consumer Financial Protection Bureau (CFPB) Helps You The Consumer Financial Protection Bureau has been in the headlines for the past few months; but many debtors really don't understand how it will help them in their financial lives. Below are some of the ways that the Consumer Financial Protection Bureau (CFPB) will help you: As of July 21, 2011, debtors with complaints against financial ...
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  • Payday Loan Law Passed In Texas

    Posted By admin || 31-May-2011

    Texas legislators in House of Representatives passed a measure recently requiring that payday loan and auto title lenders disclose to customers information about their interest rates and fees upfront. Other legislation required lenders to discuss with customers other ways they could get credit and how those credit avenues compare to payday loans or auto title loans is still up for debate and ...
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  • Payday Loan Businesses Forced To Pay Into Education Fund

    Posted By admin || 3-Mar-2011

    In 2009, the governor of Delaware and the legislature created a new state law which required high-interest loan businesses to pay a $1,500 annual fee per office, with the fund earmarked for public financial education. Because of the fund, that state has awarded $500,000 in financial literacy grants to 13 nonprofit organizations. Gov. Jack Markell said the 13 programs, by nonprofit groups ...
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  • Three Dangers Of Online Payday Loans

    Posted By admin || 27-Oct-2010

    We've heard a lot about the dangers of traditional payday loans and many states have clamped down on lending practices that exploit the poor and vulnerable. But as the state and federal governments have clamped down on payday lending a new crop of payday lenders have sprung up online. Many of these online payday lenders evade federal and state laws leaving borrowers with little or no protection. ...
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  • Creating Viable Alternatives To Payday Loans

    Posted By admin || 13-Oct-2010

    Across the country state legislators are lashing out at payday lenders because communities are being exploited and severely indebted. But what can we do to create viable alternatives to payday loans. Let's take a look at some possible options: Second chance bank accounts. Many debtors who depend on payday loans are unbanked. Helping the unbanked begin to establish relationships with legitimate ...
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  • More Communities Deny Payday Lenders Entry

    Posted By admin || 7-Oct-2010

    As the groundswell of resentment to all things associated with debt grows, some communities are taking action to prevent payday lenders from setting up shop in their neighborhoods. Galveston City Council last week denied its finance committee chairman a permit to allow a payday loan company to operate on land he owns on the city's seawall. Don Mafrige and a company representative addressed the ...
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  • Dallas-Fort Worth Pastors Stand Up Against Payday Lenders

    Posted By admin || 24-Sep-2010

    A group of Dallas-Fort Worth pastors are initiating a battle against car title and payday loan stores popping up in disadvantaged neighborhoods. The pastors are saying that the payday lenders are failing to offer anything of value to their neighborhoods and that they are little more than predators, profiting on the desperation of the poor. Reverend Frederick Haynes, who is part of the group ...
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  • Texas Seniors Line Payday Lenders' Pockets With SSI Income

    Posted By admin || 11-Aug-2010

    Payday lenders provided $30.3 billion in loans to consumers in 2009 via their stores and an additional $8.2 billion in payday loans online, generating over $10 billion in profits. But many of those profits came from the social security checks of senior citizens who are struggling to repay the loans. On July 2, a 74-year-old Dallas widow named Yvonne Sands received her monthly Social Security check ...
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  • Will FDIC Pilot Program Develop As A Replacement For Payday Loans?

    Posted By admin || 3-Aug-2010

    The FDIC announced the results of a two-year pilot program designed to help banks offer alternatives to payday loans that would be "safe, affordable and feasible." Under the test program, the FDIC worked with participating banks to help them offer loans of up to $2,500 at maximum interest rates of 36% -- instead of the 400% offered by some payday lenders. The FDIC hopes that banks will adopt the ...
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  • Scammers Target Former Payday Loan Borrowers

    Posted By admin || 30-Jul-2010

    Law enforcement officials around the country are reporting that consumers who have applied for or received payday loans in the past are being targeted by scammers posing as debt collectors, federal agents, attorneys and even police officers. The scammers are targeting low-income individuals and other vulnerable populations claiming that they are trying to collect on a payday loan that they took ...
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  • Texas Legislators Consider Regulating Payday Lenders

    Posted By admin || 29-Jul-2010

    State Representative Joe Farias has been fighting to get legislation passed that will regulate the 2,800 payday lenders in Texas and provide caps on loan interest rates which can increase up to 400% for a payday loan. "They can operate without being regulated at the city, state, or federal level...The intent we are caring forward is to have measures, like the banks and credit unions, that regulate ...
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  • Payday Loans Are Banned In Arizona - Should Texas Follow Their Lead?

    Posted By admin || 21-Jul-2010

    As of July 1 st Payday Loans stores are illegal in Arizona, should Texas follow their lead? After years of lobbying against payday loans which are predatory by their very nature, Arizona legislators have successfully banned the practice in their state. But unfortunately, the citizens of Texas are still vulnerable to the payday lending industry and need legislators to stand up now to protect the ...
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  • Payday Lenders Siphoning Off Senior Citizen Social Security

    Posted By admin || 24-Jun-2010

    So they've finally done it, payday lenders have finally figured out a way to access the social security income of senior citizens. Payday lenders in Texas and across the country are making loans to senior citizens; but on the condition that they deposit their entire social security check into a special bank account that's usually out of state and has no ATM card. If seniors want to get their money ...
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  • Predatory Payday Lenders Leech Off Unemployed Americans

    Posted By admin || 22-May-2010

    Just when we thought we had heard it all, the payday loan industry has a brand new trick up its sleeve. With the unemployment rate over 9 percent and millions of Americans on extended unemployment, many companies in the payday loan industry are now accepting unemployment checks as proof of income. That's right, unemployed Americans who are already struggling financially are now able to take out ...
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  • Six Questions You Should Ask Before Taking Out A Short Term Loan

    Posted By admin || 20-May-2010

    Finding fast cash for emergencies can be tough especially if you don't have savings and lack good credit. That's why so many people choose to take out payday loans, car title loans, tax refund anticipation loans and even purposely overdraft their bank account. But using any of the aforementioned methods to get fast cash could cause fast and long lasting financial problems. There is another way. ...
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  • Big Banks Pushing "Shadow" Payday Loans?

    Posted By admin || 17-May-2010

    A new report was recently released by the Center for Responsible Lending, stating that many mainstream banks are offering short-term, high-interest loans that are basically payday loans in the form of a paycheck advances. These loans charge $10 per $100 per month and amount to an annual percentage rate of 120 percent or more violating the ban on triple-digit interest rates in 15 states and the ...
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  • ALERT: Phony Pay Day Debt Collectors

    Posted By admin || 2-Mar-2010

    It's an unfortunate reality but many debtors are not only facing aggressive collection action by creditors they are also being scammed by phony debt collectors. One such scam includes a payday loan scheme that requires the debtor to wire money to the scammer or face imprisonment. Here's how it works and what you can do to avoid falling for the ploy: The debtor will receive a phone call from a debt ...
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  • Consumers are Becoming Delinquent on Loans at a Faster Rate than Ever Before

    Posted By admin || 11-Sep-2009

    Credit delinquency rates are at all-time highs according to the American Bankers Association. According to an article on Reuters, U.S. consumers are falling behind on loan payments at a faster rate than has ever been seen before. The mounting number of job losses is seen as a major reason why delinquent payments hit an all time high in the first quarter on both credit card payments and home equity ...
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  • Car Title Loans Put You at Financial Risk

    Posted By admin || 29-Aug-2009

    Car title loans are marketed by creditors as a savior for the little guy; but these high interest loans are much like payday loans in that they can carry a triple-digit annual interest rate and are very difficult to repay in full when you're already struggling financially. Let's take close look at car title loans and how they work. Car title loans typically have an annual interest rate of 300% or ...
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  • Payday Loans: Saving Yourself Today by Buying Trouble for Tomorrow

    Posted By admin || 26-Aug-2009

    Increasingly, down-on-their-luck Americans are turning to companies who offer payday loans to make ends meet one month in the hopes that the next will be better, allowing them to pay off the amount of money they borrowed along with the interest charged by the payday lender. There's just one problem with that scenario. The sky-high interest rates often send the already strapped-for-cash borrower ...
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  • Unemployment Continues to Rise as Businesses Avoid Hiring

    Posted By admin || 22-Aug-2009

    According to an article in the Dallas Morning News, only about 7 percent of small businesses added to their workforces in the second quarter of this year, while 24 percent implemented job losses. The article said: "Small-business owners who have cut jobs over the past year are in no hurry to start hiring again just because the recession is tapering off. From a Dallas advertising firm to a North ...
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  • Positively Impact Your Credit Score

    Posted By admin || 20-Aug-2009

    Your credit score is calculated by factors that are often counterintuitive. One of the largest problems people face when trying to improve their credit is that they are ill informed. You heard your friend so and so say that this could help your credit, or your other friend said that could help your credit. Well don't fret any longer, because a recent article on Yahoo Finance presented " 7 Ways to ...
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  • State Specific Bankruptcy Issues, Property Exemptions, Unemployment

    Posted By admin || 19-Aug-2009

    Consumers still covered with high unemployment stats can protect property The latest Gross Domestic Product report indicates that the recession will end this spring, and at the latest by the end of the year. Some analysts are evening predicting some growth in the last quarter of this year. The not-so-silver lining though is that job growth will still continue to lag behind. Many corporate ...
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  • Pay Day Lenders Access To Military Restricted

    Posted By admin || 2-Jun-2009

    In 2007, Congress passed a 36 percent rate cap on payday, auto title and tax refund anticipation loans to the military. The move was prompted by a Defense Department report that stated that "predatory lending" undermines the morale of troops and families." The payday lending industry charges the typical borrowers (non-military) a whooping 500 percent APR, can you imagine the amount of stress this ...
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  • Voluntary Wage Assignments & Payday Loans

    Posted By admin || 24-Oct-2008

    As job losses increase in the Dallas-Fort Worth area many people are living paycheck to paycheck and feeling forced to take out payday loans just to make it to the end of the month. But many of those people find that they are not able to repay the payday loans even once they receive their paychecks. So now payday lenders are starting to use a collection tool called "voluntary wage assignment." ...
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