Tales from the Payday Loan Trenches

By | Feb 25, 2011

Bob’s two stores are netting $50,000 a month before taxes. He’s got a default rate of less than 3%. (Bob’s a little maniacal. He visits his late payers at their home! 3 years on the job are required to qualify for a loan from him.)

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Texas CSO Credit Services Organization – Payday Loans

By | Feb 22, 2011

The two bills that have been introduced in the Texas legislature re-define “Credit Service Organization” to specifically exclude payday loan stores. This would limit the fees that these payday loan and car title loan stores can charge based on an annual percentage rate.

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Mississippi Payday Loan Laws – Update

By | Feb 15, 2011

Hello Borrow Smart members and Mississippi lenders! We have great news to report to you: With a vote of 76 to 43, the Mississippi House just passed our payday lending bill!

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Tribes Profit on Payday Loan Rules – Wall Street Journal – Jer-Trihouse

By | Feb 10, 2011

Today’s Wall Street Journal article on page C1 (Thursday, February 10, 2011) states,”The sovereign-loan model is exploding and will be the future lending model for payday loan companies, said Jer Ayler, president of Trihouse Inc. a payday loan consultant in Las Vegas.”

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South Dakota Payday Loan Laws

By | Feb 10, 2011

A South Dakota House committee rejected a proposal to impose a maximum fee of 36% APR and increase South Dakota payday loan licensing fees to $5000.

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