“Appropriate state regulations provide strong protections for consumers, while ensuring continued access to choices for short-term credit needs… That same principle should apply in cyberspace.”
Payday loan industry trade group president Darrin Anderson believes that online lenders should be licensed in each state where they do business and has introduced a new guideline for member companies…
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“With fees and interest, people with one of these loans (payday loans) wind up paying interest of 40% to 500% and as a result a lot of people are going bankrupt quicker because they don’t have access to ordinary banking services.”
At a speech in Detroit on Sunday, Former President Bill Clinton urged people to put pressure on banks to open up their businesses to lower-income families…
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If you don’t compare payday lenders carefully or follow the Payday Loan Checklist, you may fall victim to one of the many fake payday loan websites set up by identity thieves.
If you have ever applied for an online payday loan, you should check your credit reports regularly for unusual activity.
Unfortunately, there are many fake credit report websites as well.
AnnualCreditReport.com is the ONLY site you should trust when it comes to getting your credit report. It is the only service authorized by Equifax, Experian and TransUnion for this purpose…
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Abusive debt collection practices are one of many potential payday loan pitfalls.
Unethical lenders may threaten you, harass you, reveal your debt to third parties, try to get you fired or file civil suit against you in small claims court…
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“Let a consumer be a consumer… If it don’t suit you, don’t do it.”
Payday lender James Wood believes that the government should not be intruding into consumers’ lives and that borrowers should have the freedom to choose financial products that suit them…
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“These things (payday loans) were never supposed to be a permanent fix in someone’s financial world… These were supposed to be a temporary fix for someone’s financial situation.”
State Representative Michael Thompson believes that it is not payday loan fees that drive people into debt but the number of loans taken out at any one time…
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“Everybody needs an enemy, and instead of going after the problem, they want to take a swing at payday [lending].”
Payday loan industry trade group lobbyist Lee Miller defends his industry and believes opponents should look at the true cause of financial difficulties…
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“It got to the point I owed so much on payday loans, I couldn’t make my car payment… I think I had up to nine loans at one time. Each payday, I had to run from place to place to pay them off, roll them over or take out a new one.”
Payday loan consumer Wendy Betts describes her experience on the debt treadmill and how she got off of it…
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DP Bureau (and its subsidiary CL Verify) offers identity verification, payday loan history reporting and other decision support solutions to payday lenders.
When you apply for a payday loan, lenders will usually check your record at DP Bureau, Teletrack or both…
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“Despite the demand for basic financial services, access to banks has become more difficult over time for many consumers. Many banks have chosen to close their less profitable or lower-traffic locations. Typically, these closings have occurred in lower-income neighborhoods where the branches have failed to attract a sufficient base of customer deposits. This trend has resulted in fewer convenient alternatives for basic financial services in many neighborhoods. Many banks have also reduced or eliminated some services that under-banked consumers need.”
According to Dollar Financial Group’s 10-K filing, demand for payday loans has increased because traditional financial institutions have turned their backs on lower-income neighborhoods…
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