NEW YORK (Associated Press) - Attorney General Dustin McDaniel said Tuesday that most of the payday lending companies operating in Arkansas have said they will close or stop issuing high-interest loans in response to his threat last month to sue them if they continued to do business in the state. The 59 companies account for [...]
The attorney general’s office is trying to determine which of dozens of lenders who agreed to shut down and stop collecting on high-interest loans have in fact have done so, spokesman Gabe Holmstrom told Legal Newsline. On March 18, McDaniel sent a cease-and-desist letter to 156 lenders notifying them that the state constitution caps interest [...]
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DENVER - Hundreds of protesters rallied on the Capitol steps Tuesday to oppose a bill they say would kill the paydayloan industry and cost hundreds of Coloradans their jobs. The protesters were speaking out against HB1310, which would cap the annual interest rate lenders could collect at 45 percent. But opponents of the bill say [...]
NEW YORK (Associated Press) - South Carolina senators agreed Tuesday to limit payday loans to no more than $500 at a time and create a list of borrowers that businesses must check before lending money. The tougher regulations would also double licensing fees for payday lenders, force borrowers to wait seven days after paying off [...]
Charlotte Observer | 02/14/2008 | S. Senator Wes Hayes of Rock Hill is arguing on the Senate floor Thursday that the industry should have to use a database that would prevent loans for people who already have an outstanding loan. It would also limit the loan amount to no more than $500 or 20 percent [...]
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HALIFAX - A regulatory board in Nova Scotia began a week of hearings Monday to determine how much payday loan companies can charge borrowers, but the province’s consumer advocate says there isn’t enough data on which to base a decision. The Canadian Payday Loan Association, which represents about 40 per cent of industry’s operators, wants [...]
The best way to end the payday lending trap for low-income borrowers is to enforce a interest rate cap of 36 percent, the Center for Responsible Lending said in a study released Thursday. It would limit bounced check fees to one per loan, require lenders to offer extended payment plans and establish a task force [...]
Discover Financial Services ( DFS ; S&P investment rank, 3 STARS, hold) also reported that its consumer spending confidence index, which surveyed 14,000 adults about their spending habits, showed a sequential decline in November. American Express ( AXP ; 4 STARS, buy) saw a modest pick-up in delinquencies in its credit card lending business in [...]
With money routinely being listed as a central issue in divorce cases and the breakup of families, it makes sense for couples planning to enter into a second marriage to consider the financial aspects of merging families. The site is an outstanding jumping-off point and conversation-starter for couples who [...]
Rotunda continued, “In our fourth quarter we saw exceptionally strong performance in our pawn business and continued strong performance in our signature loan business. Our pawn net revenues increased almost 14% in the quarter resulting from 3% same store sales growth, 9% same store pawn service charge growth and the addition of net revenues from [...]
With a 401(k) loan, on the other hand, the collateral — your plan balance — already belongs to you. Compared with other loans, getting a 401(k) loan is simple. If you can’t pay back your loan, you’ll be treated as though you’d withdrawn the money from your 401(k) — with all the taxes and penalties [...]
But technology has made it so much easier to get an instant payday loan now than it was a couple of years back. If you are over 18 years of age, hold a steady job wherein you make at least $1000 per month and hold a checking bank account, you can avail an instant payday [...]