Payday Loan Business-Center for Irresponsible Lending at it Again!

By | Apr 22, 2010

Yes, the CRL, Center for Responsible Lending, who we in the payday loan industry like to refer to as “The Center for Irresponsible Lending” has done it again. They “helped craft” new federal legislation with the aid of U.S. Sen. Kay Hagan, D-N.C.

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Federal Payday Loan Legislation

By | Apr 20, 2010

Fredreka Schouten at USAToday.com has an informative article describing the payday loan industry’s lobbying efforts in Washington DC. They reported that CFSA, The Community Financial Services Association, representing roughly half of all brick-n-mortar payday loan operators spent $2,6000,000 in 2009 compared to The US Chamber of Commerce at $3,000,000.

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Payday Loans and the Hypocrisy of Their Competitors

By | Apr 10, 2010

In Texas, as in many locales, credit unions are aggressively developing products to compete with payday loans; the majority of which are offered under the CSO Model ( Credit Services Organization ). In a nutshell, under the CSO Model, a payday loan company simply fills out a one page form required to register as a CSO along with a bond and they’re in business. (There are a few other details…like forming two entities “at an arms-length-relationship” to (1)act as a “CSO and (2) a “Lender.”)

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Colorado Payday Loan Update

By | Apr 9, 2010

The new version caps interest rates on payday loans at 45 percent and limits lenders to charging no more than a $50 annual origination fee on loans.

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Payday Loan Company EZCORP on the Motley Fool

By | Apr 8, 2010

The point is made that our payday loan customers, like most citizens of the world, are loaded with debt and have no one to turn to but us. Who but a payday loan lender will advance $300 to $1500 with little more than a promise to pay us back. A job and a bank account is all that is required.

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