THE BLOG

11
Jul

Calif. Assembly Bill 539 Update-Consumer Access to Small-Dollar Short Term Loans at Risk!

By Jer AylesCall Your California Senator TODAY or Your Customers Will Never Forgive You!

Consumer financial choices UNDER FIRE in California!

My state of California is on the verge of destroying the rights of consumers across the ‘”Golden State” to have access to credit based on their own needs, wants, and desires for solving their financial challenges!

As usual, our elected congressional representatives and the lobbyists who support this California Assembly Bill 539 think they know what’s best for ALL of us.

Lower loan rates, fewer fees, same-day money delivered to your bank account/card, Fintech, competition… are ALL contributing to the well-being of California consumers ALREADY. Don’t allow these elected representatives to STIFLE the reinvigoration of the “business of lending money to the masses.”

Consumers, lenders, vendors, suppliers, property owners, your local barista… will suffer if we do not raise our hand, call our Senator and express our distaste for their latest assault on our financial freedom and our disgust with the influence lobbyists exert on OUR REPRESENTATIVES!

Contact | U.S. Senator Kamala Harris of California

Contact – United States Senator for California – Senator Dianne Feinstein

1-Assembly Bill 539 and the Future of Consumer Loans in California

 

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10
Jul

Questions Payday Loan Customers Ask Lenders

We quizzed 94,577 consumers who either currently have or at 1X+ had a payday loan, title loan, or a non-collateralized installment loan.

As a lender or vendor or lawyer in the “Business of Lending Money to the Masses,”

YOU need to know what their #1 questions are. For the answers, invest in our 2019 Course. Click Here!

So, here you go:

  • How do I qualify?
  • What do I need to get a payday loan?
  • Where are you?
  • How can I get rid of payday loans legally?
  • Can you go to jail for not paying back a payday loan?
  • How can I avoid paying payday loans legally?
  • How can I stop a payday lender from electronically taking money out of my bank or credit union account?
  • How can I avoid paying payday loans legally?
  • What happens if I can’t pay my payday loan?
  • What happens if I can’t pay my payday loan?
  • How can I get rid of payday loans fast?
  • How to get out of payday loan debt?
  • How can I get rid of payday loans fast?
  • How can I settle my payday loan?
  • Payday loan settlement – Is it a good legal option to settle my payday loan?
  • How can I settle my payday loan?
  • Can they garnish your wages for a payday loan?
  • Is there a statute of limitations on payday loans?
  • Can I get a warrant for a payday loan?
  • What happens if you stop paying payday loans?
  • How can I stop my payday loans?
  • Can I stop paying payday loans?
  • Can’t afford to pay back payday loans?
  • Can a payday loan sue you after 7 years?
  • Do I have to pay back an illegal payday loan?
  • How do I get out of a payday loan cycle?
  • Are Payday Loans Bad?
  • How can I get a payday loan without a bank account?
  • Can I negotiate with payday lenders?
  • How can I get out of payday loan debt?
  • Can debt relief help with payday loans?
  • How can I stop payday loan garnishment?
  • How long can a payday loan be collected?
  • What happens if a payday loan check bounced?
  • Can I be chased for debt after 10 years?
  • How long does a payday loan stay on your credit?
  • Do debt collectors ever give up?
  • Can you go to jail for not paying a payday loan?
  • Can you go to jail for not paying a loan company?
  • How can I get rid of payday loans legally?
  • How can I get out of paying my payday loans?
  • Can I get a payday loan if I owe one?
  • Are payday loans illegal?

Jer – Trihouse 702-208-6736  For a copy of this report in PDF format delivered to your Inbox, send an email to: TrihouseConsulting@gmail.com

To schedule a strategy/exploration call, click to view my calandar Clarity.fm

How to start a payday loan, car title loan installment loan company

Course: How to Lend to the Masses

Click Here: $337.00 Immediate PDF Download


If you’re worn out spending hour upon hour searching Google for consumer loan business strategies, know-how, software, licensing, consumer credit reporting, sample contracts, collection tactics, profitability, how much start-up capital you need, anticipated default metrics, and on and on and on… Our “Bible” delivers ALL THESE ANSWERS AND MORE!

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08
Jul

CFPB Update: Payday, Vehicle Title, & Installment Lending Rule

PaydayLoanIndustryBlog.com      702-208-6736

CFPB Update: Payday, Vehicle Title, and High-Cost Installment Lending Rule: Payment-Related Requirements

Small Entity Compliance Guide

Table of contents

1. Introduction

1. Scope and focus of this guide

2. A brief summary of Payday Lending Rule’s payment-related requirements, effective date, and the compliance date

3. Use of examples in this guide

4. Additional implementation resources

2. Covered loans

1. Covered short-term loans

2. Covered longer-term balloon-payment loans

3. Covered longer-term loans

4. Exclusions from coverage

5. Conditional exemptions

3. Lenders and service providers under the Payday Lending Rule

1. Lenders

2. Service providers.

4. Prohibited payment transfer attempts

1. Payment transfers

2. Conditional exclusion for certain transfers made by an account-holding institution

3. Exception for additional payment transfers authorized by the consumer in a new and specific authorization

4. Single immediate payment transfers at the consumer’s request

SMALL ENTITY COMPLIANCE GUIDE: PAYDAY LENDING RULE: PAYMENT-RELATED REQUIREMENTS

Prohibition on evasion

Disclosure of payment transfer attempts

General form and delivery requirements for notices

1. First payment withdrawal notices

2. Unusual payment withdrawal notices

3. Consumer rights notices

4. Electronic short notices.

Compliance program and record retention

1. Compliance program

2. Record retention

3. Prohibition on evasion

Payday Loans, Title Loans Installment Loans: CFPB

Payday Loans, Title Loans Installment Loans: CFPB

1. Introduction

On October 5, 2017, the Consumer Financial Protection Bureau (Bureau) issued a final rule governing certain personal loans with short-term or balloon-payment structures and certain additional installment loan products (2017 Payday Lending Rule).

On February 6, 2019, the Bureau issued: (1) a notice of proposed rulemaking to reconsider the 2017 Payday Lending Rule’s mandatory underwriting provisions;(1)and (2) a notice of proposed rulemaking to delay the August 19, 2019 compliance date of the mandatory underwriting provisions.

On June 6, 2019, the Bureau issued a final rule (Delay Final Rule)3 finalizing the second of these two proposals. The Delay Final Rule delays the August 1 9, 201 9 compliance date for the 2017 Payday Lending Rule’s mandatory underwriting provisions to November 19, 2020, and makes technical corrections to the 2017 Payday Lending Rule.

This guide uses the term “Payday Lending Rule” or “Rule” to refer to the 2017 Payday Lending Rule as amended by the Delay Final Rule.T he proposed rulemaking does not reconsider the payment-related requirements of the Payday Lending Rule. Thus, this guide highlights information that may be helpful when implementing the payment-related requirements of the Payday Lending Rule. It does not discuss the Rule’s mandatory underwriting provisions. As appropriate, the Bureau will revise this guide to assist.

SMALL ENTITY COMPLIANCE GUIDE: PAYDAY LENDING RULE: PAYMENT-RELATED REQUIREMENTS

An industry with the implementation of the Payday Lending Rule’s mandatory underwriting provisions at a later date. This guide meets the requirements of Section 21 2 of the Small Business Regulatory Enforcement Fairness Act of 1996 with regard to the Payday Lending Rule’s payment-related requirements. This guide is not a substitute for reviewing the Payday Lending Rule. The Payday Lending Rule and its Official Interpretations (also known as the commentary) are the definitive sources of information regarding the Payday Lending Rule’s requirements. The Payday Lending Rule is available.

cfpb_payday_small-entity-compliance-guide-07-08-19
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07
Jun

Consumers Rejoice! CFPB Issues Final Rule on Payday Loan Underwriting

More good news for USA households as the CFPB recognizes access to credit for all at competitive rates is preferable to zero financial choices!

On June 6, 2019, the Bureau issued a final rule delaying the August 19, 2019 compliance date for the Mandatory Underwriting Provisions of the 2017 Payday Lending Rule to November 19, 2020.

June 6, 2019

Executive Summary of Delay Final Rule’sAmendments to the 2017 payday lending Rule

On June 6, 2019, the Consumer Financial Protection Bureau (Bureau) issued a final rule (Delay Final Rule) delaying the compliance date for the Mandatory Underwriting Provisions of the Bureau’s 2017 rule governing Payday, Vehicle Title, and Certain High-Cost Installment Loans (2017 Payday Lending Rule).

The Delay Final Rule also makes certain technical corrections to the 2017 Payday Lending Rule.

This executive summary provides an overview of the Delay Final Rule but is not a substitute for reviewing the Delay Final Rule itself.

Background On October 5, 2017, the Bureau issued the 2017 Payday Lending Rule to establish regulations for payday loans, vehicle title loans, and certain high-cost installment loans.

The 2017 Payday Lending Rule addressed two discrete topics.

First, it contained a set of provisions with respect to the underwriting of certain covered loans and related reporting and recordkeeping requirements. These provisions are referred to herein as the “Mandatory Underwriting Provisions.”

Second, it contained a set of provisions establishing certain requirements and limitations with respect to attempts to withdraw payments from consumers’ checking or other accounts and related recordkeeping requirements. These provisions are referred to herein as the“Payment Provisions.”

The Bureau also provided an unofficial redline and an executive summary.

How to start payday loan business, title loan business, loan business
Click Here: $337.00 Immediate PDF Download


Click this link Course #1 for a complete Table of Contents.

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25
May

42,000,000 Adults Over 50 In Deep Financial Trouble in Need of Creative Loan Products

A quick scan of the media headlines leads the average reader to conclude all is well in the U.S. economy.

42,000,000 U.S adults 50+ years old are BROKE! Did they count the homeless?

Hell, if you’re in the business of lending money to the masses, you might conclude that you should shut the doors, layoff all your employees, and open a yogurt shop.

Then, there’s this: The Center for Financial Services Innovation (CFSI), the “nation’s authority on consumer financial health,” together with AARP Foundation, a “national leader in the fight to end senior poverty,” announced the release of a new report based on the U.S. Financial Health Pulse report data that shows 83 percent (42 million) of the estimated 50 million low- to moderate-income people over the age of 50 (LMI 50+) living in America are struggling with some or all of the components of their financial lives.”

how to start a payday loan company

How to Start a Loan Biz

According to the press release, this report, “Redesigning the Financial Roadmap for LMI 50+ Segment: New Challenges and Opportunities,” offers an in-depth look at the increasing financial insecurity of LMI 50+ and the major factors contributing to a more complex financial reality for them than for past generations.

This study revealed that the 50+-year-old demographic want to retire but can’t; they’re broke!

The bottom line according to this Report? It’s a B&*(((tch when you hit 50! No savings. Loss of home in 2008 – renting now, living with kids and grand-kids, medical issues [obesity]…

There was even an expose in I believe the NYT that revealed seniors are “on the hook” for their children’s student debt because Grandma co-signed. [Are you aware student debt cannot be discharged in a bankruptcy?]

The report identified specific financial challenges facing the LMI 50+:

The Report summed up:

  • More than half (51%) have liquid savings of less than three months of expenses, and only a quarter (26%) have an emergency savings account.
  • More than 6 in 10 (61%) indicate they don’t have savings in an employer-provided or individual retirement account. For those with savings in either account, the median amount is $20,000, far less than recommended for a comfortable retirement.
  • The vast majority (81%) have some amount of debt, with half (48%) reporting their debt isn’t manageable.
  • More than a third (36%) with debt report that their debt has delayed or prevented them from saving for retirement.

LMI 50+ Medical Shocks & Multi-generational Living

  • Overall, 38% had to forgo health care or medication in the past year because they couldn’t afford it.
  • Nearly a third (31%) indicate they’re supporting someone financially who lives outside of their household.
  • Households of three or more people report having higher financial stress (87%) than households with one or two individuals (82%). Of households with three or more people, 83% report that their financial stress leads to negative impacts on their family life.

Why is this important to you?

OPPORTUNITY! These folks need a multitude of loan products that work for them. The LMI 50+ demographic is invisible to the majority of lenders in the marketplace today

The Report goes on to state, this LMI 50+ Demographic:

  • Are open to using digital technology to manage aspects of their financial lives.
  • Appreciate being able to monitor transactions and pay bills online.
  • Care about security, but not in a way that limits the use of technology.
  • Desire relevant, actionable financial education and coaching for everyday financial management.
  • Use technology-centric innovations, but have different levels of comfort with high-tech vs. high-touch engagement.

FINALLY, for all my PC [that’s politically correct] readers, rather than attack check cashers, pawn shops, small-dollar lenders… while locking your gate-guarded community entrance tight, [Don’t look at me! We have a bridge, not a gate.] build a team, create a loan product that you define as fair, make some $$, give back to your community and help a little! PS: Don’t leave banks and credit unions out of your attacks! They are not the answer! And then, there are the money transfer businesses working with these banks who charge as much as $25 in fees to transfer $100 to El Salvador, the Philippines… Go Ripple, Bitcoin, Stellar, EOS… Crypto.

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