Payday Loans: Debunking the Myth of Inflated APR Charges

Make no mistake about it – payday loans are no longer just loans for consumers to take out if they need access to fast money. These types of loans have quickly become political cannon fodder for government agencies, elected individuals and consumer watchdog groups. And as we all know very well, when something becomes politicized, people will say just about anything to get their way. The opponents of payday lending know that they can easily[…]

Payday Lending Opponents Simply Do Not Seem to Understand the Industry

There are several consumer advocacy and community groups out there who have been very vocal about their dislike of the payday lending industry. A chief complaint that many of these groups like to bring up is that they believe the lenders charge super-high interest rates. Here’s an example of that thought process: If someone takes out a payday loan and pays $15 or so for every $100 that they borrow for a period of about[…]

Payday Lenders Increase Efforts to Rally Support from Consumers

Imagine owning a business and finding out that a group was working hard to undermine all of your efforts and to potentially force you out of business. Or, imagine being someone who has had a steady job for years, and you learned that you might lose that job in the near future. Finally, visualize being a consumer (all of us are, after all) and finding out that the government believes an industry you frequently patronize[…]

Payday Lenders begin to turn the Tide against Proposed CFPB Regulations

Payday lenders have been living with the pressure of a very real threat to their industry for some time now. The threat is the new regulations that the CFPB has cooked up for the industry. In the mainstream media and in some court hearings, the payday lenders have taken quite a beating from the CFPB so far. It looks, however, like the lenders have finally had it, and they have started to take action to[…]

Consumer Financial Protection Bureau Rule may cause trouble for Credit Unions and Small Banks

  The Consumer Financial Protection Bureau has done a bang-up job of staying in the spotlight in recent years. From its participation in the ill-conceived ‘Operation Choke Point’ to its recent efforts to put undue pressure on alternative lending companies, the CFPB has been on one heck of a roll. The Bureau has even managed to find itself accused of being unconstitutional, and had its single-director structure questioned by more than a few influential government[…]

So Now Elizabeth Warren Thinks the Post Office should handle your Loans

For some time now the Consumer Financial Protection Bureau (CFPB) has been moving closer and closer to reaching their longtime goal of destroying the payday lending industry. They have revealed their proposed new payday lending rules as the cornerstone of this plan. Some advocates are now saying that all of this will create a path that allows the U.S. Postal Service – of all groups – to slide in and take over as being the[…]

How the Payday Loan Industry can survive in the Future

With regulators at the federal level recently taking steps to put new consumer protections in place for those folks who take out payday loans, many experts believed that these actions would lead to the death of the short term lending industry. The payday trade association even released statements that indicated that thousands of lending companies would be forced to close up shop because of the new rules. The bigger players in the payday lending industry[…]

Arkansas Attorney General gives new Payday Loan Regulations Two Thumbs Down

News out of Little Rock has the Attorney General of Arkansas voicing her disappointment with the newest proposed payday lending regulations that the Consumer Financial Protection Bureau recently revealed. The Attorney General, Leslie Rutledge says that the federal government should back off and allow the states to regulate these kinds of loans instead. Payday loans, also called short term loans, are currently banned in the state of Arkansas, with the state constitution putting caps on[…]

CFPB Restructuring Bill Approved by House Committee

The Consumer Financial Protection Bureau (CFPB) has been no stranger to controversy. The Bureau, formed as part of the Dodd-Frank Bill, has been doing its thing for about five years now, and it has managed to stir up more than its fair share of hornets’ nests during this relatively short stretch of time. Of course, having the backing of President Obama (some say to a fault) has been a huge boost for this organization to[…]

Consumer Financial Protection Bureau Payday Loan Regulations Create Bad Situation for Poor Consumers

If you’ve ever had to pay for an emergency expense with a credit card, because you didn’t have enough money saved up to cover that expense, then you know how it feels to sometimes have to use an option that is not your preferred choice or maybe not the best for you over the long run. Life is like that. People can get around in wheelchairs if they are unable to walk, but they would[…]

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