Minnesota allows payday lending. They have a goofy fee structure: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month) In 2009, they required Internet lenders to be licensed in the state. The DA is going after the following lenders: East Side Lenders of […]
Category Archives: payday loans
Dueling bills in Wisconsin
As read at WisPolitics.com: Senate Bill 530 currently calls for a $900 limit on the size of payday loans, place zoning restrictions on payday lenders and allow one rollover loan for customers who fail to pay initial loans. The state Assembly’s version, Bill 447, would impose a limit on loans of $600 or 35 percent of […]
Also posted in title loans, Wisconsin
Fact versus fiction
Payday Pundit’s comment of the day is by John Schultz is simple and concise. There are multiple good points like: “Even the nonprofit payday loan offered as a public service by Goodwill Industries has a 252% APR.” “These consumer groups need targets to criticize to justify their existence.” Sadly, many consumer groups will not even […]
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Good read at Payday Pundit
Payday Pundit found a good article titled “Experts’ Biggest Fear: New Dodd Bill Won’t Stop Another Meltdown, “Epidemic” of Wall Street Fraud.” Pundit’s post is titled “The truth about reg reform?”
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Bridging the gap between credit cards and payday loans
This post was inspired by an article in Cheklist magazine by Richard Kelsky titled “Sea Change on the Lending Horizon.” Richard makes the following points: Payday Lending Exists Everywhere Credit Can be Abused by the Rich and the Poor The Need Exists He also talks about the need for new alternative products for cash advance […]
Also posted in payday loan alternative
Arizona bill gives back to low income services
Sen. Russell Pearce, R-Mesa, has proposed an amendment to House Bill 2370 that would cap rates at $15 per $100 borrowed, limit the number of loans a borrower can take out at one time, and give back 1.5% back to low and moderate income services. That 1.5% is something new. I’m not sure if it’s […]
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Payday industry fights back
The New York Times reports “A Consumer Bill Gives Exemption on Payday Loans” that Senator Bob Corker of Tennessee is trying to remove a provision from the draft that would empower the CFPA to oversee payday lenders. Payday Pundit highlighted this statement by CFSA spokesman Steven Schlein: “The banks caused the financial meltdown, and they’re […]
Also posted in CFSA, Regulation
BBB on payday lenders’ case
The BBB had this to say about payday lending: “In many cases, the consumer complaints involved deals that were signed under the initial impression that they would be receiving a one-time payday loan and provided bank information to the website.” I do not know what every lender tells or commuicates to their borrowers; but it […]
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Tagged installment loans
…they outnumber Starbucks and McDonald’s combined in the state…
There has been another siting of the infamous “they outnumber Starbucks and McDonald’s combined in the state.” Can someone remind me again, what their point is? I still can not figure it out. The article titled “Payday loan bill heads to committee” addresses HB1351 in Colorado. The bill is trying to cap rates at 36%.
Also posted in 36%
Good article in the Cleveland Plain Dealer
Check out this article titled “EAST SIDE STORY: Payday-loan industry a necessity, not an evil.” I think this statement is very accurate when it comes to the people that attack payday loans. “Never mind that those who object have never needed a payday loan themselves, and likely have never heard a legitimate complaint about a […]
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