Payday Loan Business-Center for Irresponsible Lending at it Again!

By | Apr 22, 2010

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.

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Federal Payday Loan Legislation

By | Apr 20, 2010

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.

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Washington Payday Loan Law

By | Mar 7, 2010

The new law limits the size of a payday loan to 30 percent of a person’s monthly income, or $700, whichever is less. It also bars people from having multiple loans from different lenders, limits the number of loans a person can take out to eight per 12 months, and sets up a database to track the number of loans taken out by people.

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Payday Loan Lenders – ATM Fees – Overdraft Fees = 400 Percent APR

By | Oct 10, 2009

Payday lenders are gearing up for an alternative strategy. The industry believes it has found new support in arguing that payday loans, with annual interest rates that can reach 400 percent, are a cheaper alternative to overdraft charges. The industry is citing a recent USA Today analysis based on data from Moebs Services, an economic research firm. According to the analysis, consumers pay an overdraft fee of $26.68 every time they overdraw their account. So if consumers overdraw by $100, they’d pay an annual percentage rate (APR) of 696%, if the credit is paid back in two weeks – compared with an APR of 450% on a $100 payday loan with an average fee of $17.25, according to USA Today.

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Payday Loan Law – South Carolina Payday Loan State Data Base

By | Sep 30, 2009

South Carolina has turned down an appeal protesting its previous decision to award a contract to Veritec Solutions for the establishment of an online database system for tracking payday loans applied for by residents of South Carolina.

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