New Payday Loan Study Positive for the Industry
“The survey evidence paints a negative picture of how consumers view credit union payday loans,” the report said. “Most payday borrowers indicate a strong preference for a less restrictive but high-price standard payday loan; very few prefer the credit union version of a payday loan. Borrowers’ distaste for the credit union payday loan is driven most strongly by credit unions’ shorter hours of operation, a lack of privacy conferred because credit union payday loans do not ‘keep my payday borrowing separate from my other banking, for personal reasons,’ and the fact that defaulting on a credit union payday loan harms one’s credit score.”
Colorado Payday Loans & Laws
Residents of Colorado are about to have restrictions placed on their ability to use payday loan products to solve their temporary financial challenges. A Democratic sponsored bill (there they go again) was sent to the Colorado Governor for his signature Tuesday.
Payday Loan Business-Center for Irresponsible Lending at it Again!
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.
Federal Payday Loan Legislation
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.
Colorado Payday Loan Update
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.
Payday Loan Company EZCORP on the Motley Fool
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.
Arizona Payday Loan Law Update
Many Arizona payday lenders have other lines of business, including car title loans, check-cashing services, scrap gold buying and acting as agents for the Motor Vehicle Division to register vehicles. Rapid tax refunds (RALS) are in the mix as well.
Collection Strategy No-No for PaydayLoans, Car Title & Check Cashers
n our industry, you’d better “get” collections. Comprehending Federal and state collection practices are crucial to us. After all, we’re really a “collections business.”
Time to Use the Power of Text in Marketing and Collections for Payday Loan, Car Title…
Here is the how and why Text Messaging can help your Collection efforts INCREASE up to 25% or more and your payment defaults DECREASE by about 40%, as well as generate new leads and create repeat customers.
Payday Loans - Consumer Federation of America Wake-Up!
Consumer Federation of America WAKE-UP! Educate yourselves first!! Payday loan consumers MUST HAVE BANK ACCOUNTS TO QUALIFY FOR A PAYDAY LOAN! Of course they must have a job also in order to pay us back.
