During the course of the economic downturn there has been much discussion about predatory lending practices. While the majority of the talk has centered on sub-prime mortgages, there has also been much debate about payday loans, cash advance loans, and title loans, as well. Specifically, whether or not payday loans should be outlawed. The debate [...]
Currently our Senators are debating the creation of a stand-alone government agency to protect American consumers from the aftermath of another subprime mortgage collapse. This proposed agency (CFPA) would be regulating and overseeing a vast breadth of financial agencies, most of which have no ties to our economic crisis. Because of this it seems that [...]
If you listen to the opponents of payday loans, you’d think that these companies were conceived in Hell and that their employees are the spawn of Satan himself. These voices are often loud, and it’s a pretty regular thing that they get heard by folks in state and federal government. Arizona’s Attorney General, for example, [...]
One of the ways to avoid taking out a payday loan that some opponents cite is the idea of using overdraft protection. Overdraft protection is a way for your bank to pay a check that doesn’t actually have enough money in your account to cover. It’s important to understand exactly how overdraft protection works if [...]
Sometimes, regulators and politicians just can’t seem to keep their hands off an industry. The payday loan industry, for example, is a favorite target of many folks. Just about every state has passed some form of legislation to regulate the payday loan businesses, although the amount of regulation can vary greatly from one state to [...]
There are some people out there who do not think that payday loans should have a place in our society. Those people might be interested to know that there is a new study in the works to find alternatives to payday loans. This is a program started by the Federal Deposit Insurance Corp (FDIC). You [...]
Payday loans are an extraordinarily popular form of borrowing, but they don’t have the best reputation. Why is this? For the most part, payday loans get a bad rap because of the unscrupulous tactics of a handful of lenders that give the rest of the industry a bad name. In addition, some buyers dive into [...]
Have you ever dealt with the payday loan industry? Many people do not like to deal with this industry because they feel as though there is something wrong with how it works. People have begun to change how they deal with payday loans. States are also starting to do something different as well. These states [...]
We always hear about special interest groups in politics. Everybody is claiming that they are going to fight them, yet both major parties have plenty of people who will fall right in line with what those special interest groups will tell them. Can payday loans actually become a special interest group? This is something that [...]
Arizona payday loan operators still have a shot at continuing to offer their product; albeit a long one. Many 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 [...]