If you’ve taken out a payday loan that charges exorbitant fees, the struggle to make the payments can seem overwhelming. This is a particularly difficult type of debt to repay because borrowers can get trapped in a cycle of debt. About 12 million people take out personal loans each yearandRead More →

If you’ve taken out a payday loan that charges exorbitant fees, the struggle to make the payments can seem overwhelming. This is a particularly difficult type of debt to repay because borrowers can be trapped in a cycle of indebtedness. About 12 million people take out payday loans every year,Read More →

Online lenders hitting Virginians with triple-digit interest rates would be banned from doing business in the state under a bill that would also reduce fees charged for payday loans, securities car and other short-term loans. While the General Assembly has ignored past efforts to close the loopholes that allow suchRead More →

When scouring the cluttered pages of Google search results for a low-cost loan, it can be hard to decipher reputable lenders from predators. These lenders, who use abusive or unfair practices, offer loans with high rates and excessively long or short repayment terms that bring money to the lender butRead More →

Former Hays resident Annie Ricker was confident she could quickly repay $ 750 borrowed from a payday lender to meet unforeseen medical and auto expenses. By the time the debt was settled, Ricker had paid the lender over $ 3,000. Ricker, pastor of the United Methodist Church in Berryton, joinedRead More →

When it comes to healthy financial habits, tapping into your income before payday is an old-fashioned wake-up call. However, a growing number of companies, including Walmart, are making leaps and bounds by offering what is now called “fast pay.” As a benefit, around 12% of companies include accelerated pay asRead More →

Payday loans are short term loans with very high interest rates. In fact, the Consumer Financial Protection Bureau (CFPB) cautions that payday loans typically charge an APR of around 400%. Unfortunately, since the costs of payday loans are typically represented as the fee you pay to borrow, many people don’tRead More →

There are about 650 payday loan stores in Ohio, that’s 650 too many in my opinion. But beware lenders! “Predatory lending is any lending practice that imposes unfair or abusive loan terms on a borrower. It is also any practice that convinces a borrower to agree to abusive terms throughRead More →

One in ten Ohioans has taken out a “payday loan,” traditionally where money is borrowed against a post-dated check. But starting Saturday, the traditional payday loan will be phased out from Ohio, thanks to a law passed last year designed to crack down on sky-high interest rates and underhanded fees.Read More →

The Trump administration on Wednesday rolled back protections meant to make payday loans less risky for borrowers, which could affect millions of young people: nearly 10 million millennials have taken out one of these short-term loans at interest high over the past two years. The Consumer Financial Protection Bureau, theRead More →

Financial technology (Fintech) and the Internet have enabled the creation of online lending markets. Lending in the market is made possible by technology platforms that use scoring algorithms to determine borrowers’ repayment capacity. Online lending platforms were first created by non-bank owners who act as brokers, collecting fees to matchRead More →

Refinancing a personal loan can help you save interest or lower your monthly payment, but it’s not always a smart financial decision. Before applying for a personal loan refinance, you need to consider whether it’s a good idea, find out how you can qualify, and understand the refinance process. WhenRead More →

State lawmakers need to be vigilant: Big changes are afoot in the payday loan market, many of which will be detrimental to socially responsible borrowers and lenders. Payday loans and long-term, high-cost auto title installment loans have grown significantly as companies diversify their business models in an effort to reduceRead More →

No one likes to be in debt, but it’s even worse when it seems like there is no way out. This is how the 12 million Americans who take out payday loans each year generally feel. That’s understandable, considering they pay about $ 9 billion in loan fees. But thereRead More →

Who do low-income Americans turn to when faced with immediate bills and don’t have the money to pay them? Most turn to the payday loan industry, which offers short-term loans in exchange for high fees and interest rates. These loans are usually $500 or less and are called payday loansRead More →

The Consumer Financial Protection Bureau this week released new payday loan rules. Consumer advocates say the rules will help low-income people and families trapped in endless cycles of debt. The industry argues that payday loans provide an option for people facing unforeseen expenses or financial emergencies. The rules could crippleRead More →

Dan Kitwood | Getty Images The government’s consumer watchdog is cracking down on payday loans. The Consumer Financial Protection Bureau announced Thursday that it has finalized rules targeting the payday loan industry. Rates on these short-term loans can reach 390%, and troubled borrowers often borrow again, racking up fees andRead More →

This is the most expensive column I have ever written, as it cost me over $80 to research. I wanted to understand how millions of our fellow citizens manage between two paychecks – like 12 million Americans a year, according to The Pew Charitable Trusts — so I took outRead More →

If you need the cash – fast – make sure that a payday loan is really your last resort. Cash strapped consumers may have more options than they realize. The Consumer Financial Protection Bureau is to propose According to the agency, new rules to restrict payday lending practices can leadRead More →

Google, the search engine company of Alphabet Inc GOOGL, +0.14% announced plans Wednesday to ban payday lender ads. This decision comes after pressure from outside groups. More than 200 members of a coalition led by the Leadership Conference on Civil and Human Rights voted unanimously in December 2013 to urgeRead More →

Google on Wednesday said it would ban all advertisements for payday loans and related products on its website because they often result in unaffordable repayment terms and financial harm to consumers. David Graff, director of global product policy at Google, announced in a blog post that the global ban wouldRead More →

Payday loans, which tricking low-income borrowers into swapping temporary cash for unsustainable interest rates, are a blight on the US financial system. That’s why it’s such good news that Google will ban payday loan ads starting this summer. If you are unfamiliar with the practice of payday loans, you areRead More →

Google released a update of its advertising policy on personal loans this will impact many advertisers across all financial verticals. According to Google, ads and websites that promote dangerous payday loan offers will be banned from advertising with AdWords. …we prohibit advertisements for payday loans and certain related products fromRead More →

Imagine that you find yourself in some kind of financial crisis: the rent is due, but your car broke down a few weeks ago, gobbling up a few hundred dollars. Now you are small. You know your family and friends can’t help you, so you type the phrase “can’t doRead More →

The CFPB has published a new report titled “Online Payday Loan Paymentssummarizing data on returned ACH payments made by bank customers to repay certain online payday loans. The latest report is the third report released by the CFPB under its payday loan regulations. (Previous reports were published in AprilRead More →

Woman shares her story with The ABC News Fixer so others don’t suffer the same fate. Through THE ABC NEWS SECURE STEPHANIE ZIMMERMANN 20 October 2015, 15:35 • 4 minutes to read Share on FacebookShare on twitterEmail this article ?? – Dear ABC News fixer: I tried an online loanRead More →

More than a million people will see the cost of borrowing lower now that new price caps on payday loans have taken effect. However, early indications are that many of the biggest players in the industry will charge the maximum amount allowed by the new regime, instead taking the opportunityRead More →

Online payday loan operators threaten their customers, encourage loans designed for long-term debt, and charge exorbitant interest rates, according to a study by Pew Charitable Trusts. “Online lump sum loans typically cost $ 25 per $ 100 borrowed per pay period, an annual percentage rate of around 650%,” Pew noted.Read More →

RICHMOND, VA (WWBT) – Scammers have set up a sophisticated scheme to steal from people asking for emergency money through a company offering payday loan services. If you have to send money to borrow money, it is a bad decision. Jacob Coker has seen many red flags, he says, afterRead More →

RICHMOND, VA (WWBT) – Scammers have set up a sophisticated scheme to steal from people asking for emergency money through a company offering payday loan services. If you have to send money to borrow money, it is a bad decision. Jacob Coker has seen many red flags, he says, afterRead More →

Jamie Dimon, chief executive of JPMorgan Chase, pledged on Tuesday to change the way the bank deals with internet payday lenders that automatically withdraw payments from borrowers’ checking accounts. At an investor meeting on Tuesday, Dimon called the practice, which was featured in The New York Times on Sunday, “terrible.”Read More →

RICHMOND, VA (WWBT) – Local consumer advocates warn of an online payday loan company targeting the public. Tom Gallagher of the Richmond Better Business Bureau is sounding the alarm. Organization wary of online payday loan company called Qxlonline. “The very first thing they ask you, go right to their coverRead More →