HB 537 has until tomorrow to pass. This bill will cap rates on installment loans to 99% among other things. This bill is not supported by the CFSA or ISLA in Illinois. If the bill passes, all cash advance lenders will have to start offering payday loans, which are regulated to allow. Loan Terms: Maximum […]
Category Archives: payday loans
Contact your state Senators through the Internet
http://tinyurl.com/votersvoice Started by Patricia Dauterman On April 26th the Senate will vote to begin debate on the Consumer Financial Protection Agency bill. While well-meaning there are unintended consequences that will negatively impact consumer choice in the local financial market. After reading this note we ask you to do the following: 1. Follow the link at […]
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Illinois bill has until May 7th to pass
Senate bill 655 has until May 7th to pass. Illinois currently has two models for the cash advance industry. The first model is offering payday loans and has a state database. The other model is offering installment loans. This bill will cap rates on loans greater than 121 days to 99%. Practically everyone, including the […]
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Wisconsin has a new payday law
The Wisconsin Senate passed a new bill in the 11th hour. Here are the details. The new law would restrict where payday loan stores could locate and limit their loans to $1,500 or 35% of monthly income, whichever is less. Borrowers would be able to renew those loans just once. Auto title loans would be […]
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Wisconsin has until Thursday to pass a bill
The Senate bill is a much better bill. The general assembly bill would ban title loans, limit lenders to $600 and ban rollovers. If a bill does not pass by this Thursday, it can not become law this year. Read more in the Wisconsin AP News.
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Online payday lender chased out of Massachusetts
Attorney General, Martha Coakley, settled w/ New Mexico based Fast Bucks. “The settlement prevents payday lender FastBucks from offering its high interest “payday” loans to Massachusetts consumers, and requires FastBucks to return all interest charges and fees that it assessed against Massachusetts consumers. The Attorney General’s Office has already identified $35,000 in fees and interest […]
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Wisconsin bill inches forward
Wisconsin has payday loan reform on it’s agenda. The Senate has two bills floating around. “One bill, written by Sen. Jim Sullivan, D-Wauwatosa, would limit loans to $1,500 and restrict payday lenders from establishing themselves within 1,500 feet of another lender or within 150 feet of a residential area. The bill would also restrict borrowers […]
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Cash Store buying Sask. regional payday loan provider for $4.4 million
Cash Store Financial (TSX:CSF) announced Tuesday it plans to acquire EZ Cash, a regional payday loan provider with 14 locations throughout Saskatchewan. I pulled out the old calculator, and that’s about $315k/store. Not bad.
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Amusing in Arizona
In a blog on AZ Central, Laurie Roberts writes about the possible resurrection of payday loans. It’s a conscending article, but it did not stop the newspaper from advertising payday loan keywords in the text of the article. “…payday loans and their 400% interest rate…” This comes down to the perception. The newspaper will advertise […]
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Krugman, Payday Pundit and my opinion
Payday Pundit published a post titled “Do I agree with Paul Krugman?” It has to do w/ the new finacial reform bill that’s backed by the White House. I agree w/ Payday Pundit b/c non-financial institutions, like payday lenders, did not create this mess. Why are we getting pulled into it? I also agree […]
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