Bank Accounts: Lenders, Check Cashers

By | Feb 3, 2016

Bank Accounts for Payday Loan, Installment Loans, Small Dollar Loans, Consumers… The CFPB issued a “policy directive” suggesting banks and credit unions do more for consumers lacking bank accounts. This is a laudatory action. Those of us offering payday loans, installment loans, car title loans, line-of-credit, check cashing… know well how difficult this negative situation […]

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Magic Numbers Don’t be misled by payday loan statistics.

By | Jan 27, 2010

A common practice in making small loans of a few hundred dollars for a few weeks is to charge about $15 per hundred dollars lent. Politicians, the media, community activists, and miscellaneous other busybodies are able to transform these numbers into annual percentage charges of several hundred percent, thereby creating moral melodramas and demands that the government “do something” about such “abuses.

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