Payday Loan Lawsuit

By | Sep 23, 2015

Another Payday Loan Lawsuit Are you a payday loan lender? Be aware! You’ve got a target on your back. The bigger we get the more often it makes sense to settle rather than fight these class action payday loan lawsuits. I’ve “been there – done that.” Three former non-exempt employees sued PLS Financial Solutions of California, […]

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Installment Loan Profits: The Business of Installment Loans

By | Sep 21, 2015

Installment Loan Profits An installment loan business offers tremendous opportunity BUT there are caveats. The first is the implementation of the 36% APR that many consumer advocates propose. A $500 installment loan for a period of six months at a 36 percent APR produces total revenue of $53.79; just under $9 per month. If just one loan […]

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Impact of City Ordinances on Payday Loan Lending

By | Sep 17, 2015

Payday Loan City Ordinance Impact What impact do payday loan city ordinances have on payday loan store-fronts, commercial property owners, employees, payday loan borrowers and ancillary businesses? City bureaucrats weep: “Local ordinances restricting access to small dollar credit do not restrict usage but drive consumers to other forms of credit.” Tim Ranney, President of Clarity […]

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Texas CAB-CSO Convention TOFSC

By | Sep 10, 2015

Texas Organization of Financial Service Centers September 2015 Conference “Michael Brown, President of the Texas Organization of Financial Service Centers (“TOFSC”) cordially invites you to attend our annual afternoon Conference in Austin, Texas on Wednesday, September 16, 2015. The event will be hosted at Sonesta Bee Cave beginning at 10:00am.  This year’s conference will be […]

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Payday Loan Laws

By | Sep 8, 2015

Payday Loan Laws Payday Loan Interest-Rate Caps The following states have enacted laws that render payday loans void if they exceed the usury limit: Minnesota, which caps interest rates for (a) written loan contracts at 8% absent applicability of another statute, Minn. Stat. § 334.01, subdiv. 1; and (b) consumer short-term loans at 21.75% APR, or the total […]

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