Video-Banks In Cahoots With Payday Loan Businesses
Payday loans and banks? I like this! It’s worth watching no matter how you feel about banks, the payday loan industry, making money…The financial numbers quoted in this video are a bit skewed, a little dated and are meant as an attack on banks and the payday loan industry but check it out and leave [...]
State of the Payday Loan Industry Today
Here’s a quick summary of what’s going on in the micro-lending space today! The Internet side is growing 30% – 35%. There is a constant influx of newer, younger customers accessing short-term lending products. They’re coming to us via the Internet and their phone. Rather than cannibalizing the stores, the Internet is bringing new customers [...]
Payday Loan Franchise?
I received a call this morning from John. John wants to start a payday loan business. He’s been researching the payday loan industry for 6 months. John’s question, “Should he buy a franchise?” This particular payday loan franchise company requires John to have about $215,000 to open. This consists of a $35,000 one-time franchise fee, [...]
Texas CSO Credit Services Organization Transition to CAB Credit Access Business, January 1, 2012
If you have an interest in the Texas payday loan CSO Credit Services Organization transition to the new CAB Credit Access Business Model read on! Delete this now if not!! Texas (CSO) Credit Service Organizations are facing a new phase of payday loan regulation as they are forced to transition to the Credit Access Business [...]
Online Lenders Alliance OLA Convention Followup – Denver
I just returned home from the payday loan Internet convention put on by OLA in Denver. My initial reaction? OPTIMISTIC! POSITIVE!! OUR FUTURE IS SECURE!!! I’ve been riding this payday loan roller coaster since 1997. From a legislative and regulatory perspective, it’s been challenging to say the least. Our industry, the business of loaning money, [...]
Bank Fees in Violation of Military Authorization Act?
One of the provisions of the FY 2007 Military Authorization Act, makes it illegal for creditors to grant payday loans and car title loans to military members. The change also prohibits charging more than 36 percent interest to military borrowers. Fees, service charges, renewal charges, credit insurance premiums or any other product “sold” with the [...]
OLA – Online Lenders Alliance Conference in Denver next week, read on
If you’re going to be at OLA – Online Lenders Alliance Conference in Denver next week, read on. I can’t believe this is free! Current Major Issues in Online Lending from the Regulatory, Litigation and Tax Perspectives Brunch You’re invited to join Claudia Callaway and Christina Grigorian of Katten Muchin Rosenman LLP and Allen Kutchins [...]
Washington State DFI Report Shortsided – Payday Loans
“Report shows Payday Lending Law is helping keep people out of debt” – All the Washington regulators did was shove Washington payday loan customers into the hands of unlicensed internet and tribal Lenders! The Washington DFI has no clue how many payday loan transactions are completed online. Nor does the DFI know the APR’s, the [...]
Payday Loan Tribe Model Attacked
We all know the payday loan – tribe partnership model is highly controversial. It’s a strategy being evaluated by tribes having considerable wealth, “poor” tribes lacking gaming success, and sophisticated payday loan Lenders with superior management skills. State Attorneys General, the Fed’s, legal counsel and our industry is watching this develop. Ultimately, when constructed in [...]
Indian Loans-Indian Reservation Loans-Indian Payday Loans…
WOW! Interesting at least to me. This payday loan industry blog receives a LOT of daily traffic. I just happened to look at the top keyword searches. Here they are: “Indian loans-indian reservation loans-indian payday loans…” Our telephone inquiries and emails reflect this as well. There’s a TON of interest by Lenders, tribes, the media, [...]
