Added State Licensed Lenders Page
Today we added a State Licensed Payday Loan Sites by State page.
It lists online lenders who are either state licensed (or otherwise operating legally) for 51 states.
State licensed lenders are more likely to adhere to state and federal laws regarding loan financing terms, debt collection practices, privacy protection, etc., increasing the chances that you will pay less and enjoy a safer transaction.
For each state, we also included the maximum finance charge for a 14-day $100 loan as specified by state law. Unfortunately, there are loopholes in certain states that allow payday loan sites to charge more than your state maximum…
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Thank You!
Yesterday, a kind reader alerted us to the fact that one of the payday loan sites in our Compare Lenders page was a publisher/referral site, not an actual lender.
The site in question was removed immediately from all our comparison pages.
We sincerely thank our kind readers for their continued support, effort and vigilance. Your efforts help borrowers everywhere!
Let’s take a look at what happened…
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Payday Loan Demographics Study – December 2010
A common myth is that payday loan consumers are mostly poor, uneducated and African American. This stereotype is often used by politicians when trying to justify “feel good” payday loan laws that end up hurting consumers.
In this Payday Loan Demographics Study, we examine the gender, age, ethnicity, household income and education of 2,228,799 unique visitors to the 18 payday loan sites listed on our Compare Lenders page.
It is intended as a follow up to our Demographic Study of Online Payday Loan Consumers posted in 2008 but it looks at a data pool ten times the size of our previous sample.
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Added Traffic Comparison Page
We’ve added a Traffic Comparison page to help you compare payday lenders by website statistics.
Website traffic statistics can be a useful tool when comparing online lenders. The number of people who visit a site, how many times they visit, the number of incoming links and PageRank of a site can give an indication of its relative popularity and importance.
Web stats, however, should be used with caution…
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Added Better Business Bureau Ratings
To make your search for legitimate payday loan sites easier, we’ve added Better Business Bureau ratings to our website.
A new page entitled BBB Ratings of Online Payday Lenders lets you compare actual lenders by BBB rating.
We’ve also added a new BBB Rating A+ category so you can limit your search to only those lenders with an excellent BBB rating.
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