New York State Attacks Payday Loan Lenders: Claims ACH System the Weak Link

By | Aug 6, 2013

New York State’s financial regulator sent letters to 35 payday loan Internet lenders, instructing them to “cease and desist” from offering loans that violate local usury laws. The regulator, Benjamin M. Lawsky, ordered the lenders to halt the “illegal” loans within two weeks. New York outlaws any loans at rates above 25 percent annually. Additionally, […]

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More Heat on Western Sky Payday Loan Lender by Michigan

By | Aug 2, 2013

Webb told The Argus Leader in Sioux Falls last year that his company, Western Sky, is honest and that it doesn’t have to abide by state laws because he’s a tribal member operating on a reservation. Western Sky is not licensed in Michigan and has charged interest rates of more than 340 percent. Michigan’s maximum […]

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ZestFinance – Payday Loan Big Data Provider – Received $20 Million from PayPal’s Peter Thiel

By | Aug 1, 2013

By Jer Trihouse. Sarah McBride WITH Reuters wrote an interesting piece on ZestFinance today. Zest received $20million from PayPal’s Peter Thiel. We’ve previously alerted you here at PaydayLoanIndustryBlog about the pivot ZestFinance made from direct lending to licensing its “Big Data” technology to Lenders. ZestFinance CEO Douglas Merrill says, “Their underwriting technology implemented in the […]

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