The new leadership of the Consumer Financial Protection Bureau, or CFPB, has pledged to reject the Trump administration’s “relaxed approach” and resume targeting of payday loan scams that trap troops in endless cycles of indebtedness. Acting director Dave Uejio said on Thursday that the watchdog agency “would reverse policies ofRead More →
In 2011, the city of Dallas regulated payday lenders and auto title lenders, forcing them to register with the city and structure the loans in such a way as to facilitate their repayment. This was in response to an explosion of lenders offering small, short-term loans with very high feesRead More →
When you are strapped for cash, the promise of a quick and hassle-free cash payday loan can seem like an attractive option. But is it your only one? The Center for Responsible Lending calls payday loans “predatory” – for good reason. The ease with which borrowers can get their handsRead More →
Del Kimball, a prominent figure in the Kansas City payday loan scene, dropped a federal charge Tuesday afternoon and pleaded guilty to bankruptcy fraud. Kimball, 53, appeared with his lawyer, JR Hobbs, before U.S. District Court Judge Beth Phillips, who accepted Kimball’s guilty plea. He is to be sentenced onRead More →
App-based personal loans that turn out to be deadly traps have long gone unnoticed as they fall outside of Reserve Bank of India (RBI) regulation. But as the predatory nature of these apps is exposed, there is a growing call to regulate them. bccl / file The The Delhi HighRead More →
The Delhi High Court on Friday requested the Center and RBI’s response to a PIL aimed at regulating online lending platforms offering short-term personal loans at outrageous interest rates through mobile apps, and allegedly humiliating and harassing people for late repayment. A bench of Chief Justice DN Patel and JusticeRead More →
HYDERABAD: A Chinese national and a native of Mumbai were arrested Wednesday by police in Rachakonda as part of the ongoing investigation into illegal online instant loan applications. Officials froze Rs 28 crore in their bank accounts. Jian aka Mark (26) and Vivek Kumar (26) are associated with Ajaya SolutionsRead More →
Illinois lawmakers have advanced items on the Black Caucus agenda – including a cap on payday loan rates and a permanent extension of postal voting introduced last spring – in a series of Busy meetings held before new members were sworn in on Wednesday. After a lengthy debate late MondayRead More →
Same day personal loans are available the same business day. Here’s what you need to know about them. (iStock) Sometimes financial emergencies arise that require you to get your hands on some cash quickly. If this happens, you might be interested in finding a same day personal loan that depositsRead More →
Short term loans from mobile apps might sound attractive and really useful, but they are also dangerous and ruthless when it comes to recovering. Fintech apps, which offer quick loans, are usually not registered with the Reserve Bank of India and therefore do not follow any guidelines or protocols definedRead More →
If you’re considering applying for a personal loan, here’s how to make it easier for you. Personal loans are convenient financial products. If you have dreams of giving your home a makeover, need to run an old car, or want to consolidate high interest credit card debt, personal loans canRead More →
Undeterred by the police investigation into app-based loan finance companies, loan collection calls to clients ultimately force them to end their lives. On Saturday, G. Chandra Mohan, 36, supervisor of a private warehouse, committed suicide at his residence in the village of Gundla Pochamma in Pet-Basheerabad in the district ofRead More →
Unable to resist alleged harassment from microfinance loan application companies, a private sector employee committed suicide on Saturday morning at his residence in Gundla Pochamma village in Pet-Basheerabad, Medchal-Malkajgiri district . This is the fifth ‘forced suicide’ in Telangana due to harassment from online lenders and public disgrace. The victim,Read More →