Category Archives: Uncategorized

New legislation in the House would cap loans at $750, limit interest rates, and prohibit a borrower from having more than one outstanding loan at any time writes the Missouri Times. Missouri is a great place to operate if you’re a lender.  This law would cripple the industry.  The bill stinks from this standpoint.  The […]

State banking and consumer protection officials have ordered five payday lenders and their debt collector to stop taking payments on more than 100 allegedly illegal loans according to the Boston Business Journal.   The lenders listed in the complaint are:  Cash Call Inc., WS Funding LLC, GP Investors LLC, Novea Resource Management LLC and Western […]

The CFPB put out a white paper on April 25th titled, “Payday Loans and Deposit Advance Products“.  For the most part, it was very bad.  It’s not a question of what, but when.  When will the CFPB impose rules on payday lenders? Today, Bloomberg put out some inside information out there, “Payday Loan Restrictions Said […]

What’s worth noting is that Texas has a legislative session every two years.  If it does not get done prior to May 28th (140 days from January 8th), it will take adjourn for two more years.  The Senate passed this bill by an alarming margin of 24-6.  Now the bill has to pass the House […]

SB 515 did not get the required votes to make it to the Senate floor in California. The Banking and Financial Institutions Committee voted 5-3 not to forward the bill to the full Senate. Here is one of my biggest pet peeves when it comes to law makers.  They try and create a law that defies free […]

California SB 515 would be huge step backwards for consumers and lenders alike. Here’s my opinion: Making a payday loan 30 days makes no sense.  The borrower should be paying on their pay date.  If they do not, they risk not having the money to pay on another day.  By definition, “payday” loans should be […]

The state of Ohio is managing to piss everyone off – lenders and consumer groups alike.  They want to pass along $0.50 to the consumer.  It’s a pretty flimsy rule b/c it includes loans less than 60 days long.  Looks like CSO installment loans (61 days +) will be the new loan product. You can read “Database […]

According to the Washington Post, there are $17m unbanked households.   This number is extremely important for the online lending industry.  Bank accounts are the vehicle that online lenders use to place and withdraw money from a bank account. So, how do you work with a customer that only has a prepaid debit card? You […]

EZ Pawn and EZ Money have sixty (60) days to refund $400,000 in fees from refinanced payday loans.  The Attorney General claims that the lender did not refund unearned on refinanced loans.  What’s annoying about Colorado is they passed a bill that made the fee structure on these loans extremely complex.  You wonder who comes […]

Payday loans are getting  a lot of press from major news sources.  Back in February, the New York Times took aim at payday loans.  Recently, the Economist addressed this product in an article titled, “Payday lenders Endangered sharks“.  Not sure what they mean by “endangered shark” because the article says that more people are getting […]