5000 Payday Lenders Win via U.S. House of Representatives

By | Jul 9, 2016

Payday Loan Lending By Jer Trihouse. The battle between the CFPB and payday lenders is not yet decided. It appears the members of the  U.S. House of Representatives understand how important access to credit is for consumers throughout America! It’s refreshing to witness the heroic efforts by our representatives in the House against unelected CFPB […]

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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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Payday Loan Arbitration Agreement Enforceable

By | Jan 4, 2012

Payday loan industry wins again! A binding arbitration provision that barred a Wisconsin consumer from pursuing a class-action lawsuit against a payday loan lender is enforceable. Read the article here: Cottonwood Financial Ltd. v. Estes That’s what the District III Wisconsin Court of Appeals concluded; Federal law preempts state law!

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Payday Loan Scammers Give Us Another Bad Rap

By | Apr 18, 2011

According to the FTC’s complaint, Michael Bruce Moneymaker, Daniel De La Cruz, and their companies obtained consumers’ personal information from websites that claimed to match consumers with payday lenders, and then enrolled consumers, without their knowledge, in one or more of several worthless “continuity” programs. These programs included an up-front cost of up to $49.99 each, plus additional weekly or monthly recurring fees of up to $19.98. Continuity programs charge recurring fees until a consumer takes affirmative action to cancel.

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Payday Loan Violations and Compliance

By | Apr 4, 2011

Now payday loan compliance and enforcement might not appear to be a particularly exciting subject for you, but for those of us who have been greeted at the door to our business in the early AM by a state regulator, it can be the beginning of a NIGHTMARE! And don’t you Internet guys think you’re immune from this because you’re not.

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