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Report: Industry Blocks Payday Loan Caps | Legislature | New Mexico Legislative Session

[ad_1] It’s become a cycle of desperation for low-income residents with bad credit scores: They take out a high-interest installment loan to get by in tough times and soon rack up an unmanageable burden. They pay off old debts with new loans at rates up to 175%. For years, state legislators introduced legislation capping the […]

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SEC: payday loan program deprives investors of millions

[ad_1] MIAMI — The owner of a Miami-based payday loan company defrauded hundreds of investors out of millions of dollars and paid off others with money he acquired through a Ponzi scheme , according to a newspaper report and federal regulators. About 500 investors, including many from the Venezuelan American community in South Florida, were […]

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Council approves wording of petition for Michigan payday loan vote – CBS Detroit

[ad_1] LANSING, Mich (AP) — A coalition that wants voters to decide how Michigan should cap interest rates on payday loans won approval on Tuesday for its sketchy wording for a petition to bring the issue to the November 2022 ballot. Members of Michiganders for Fair Lending told the Board of State Solicitors that payday […]

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93% of payday loan borrowers regret taking their loan, survey finds

[ad_1] Payday loans can be a debt trap for borrowers who cannot afford to make payments. Here’s how you can pay off your payday loan balance before it’s sent to debt collectors. (iStock) Payday lenders prey on borrowers with bad credit who desperately need money, trapping them in a cycle of high-interest, hard-to-pay debt. The […]

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Michigan coalition plans campaign to cut payday loan rates

[ad_1] Lansing — A coalition of Michigan groups has taken the first step toward launching a petition campaign to drastically reduce the rates that payday lenders can charge customers for short-term loans. Last Wednesday, a ballot proposal committee called Michiganders for Fair Lending submitted its petition wording to the State Department. The group hopes to […]

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Trade groups challenge CFPB payday loan rule opening case with Fifth Circuit | Ballard Spahr LLP

[ad_1] Trade Groups Challenging the Payment Provisions of the CFPB’s 2017 Final Rule on Payday Loans/Auto Titles/High-Rate Installment Loans (2017 Rule) filed their opening brief with the fifth circuit. The Business Groups appealed to the Fifth Circuit from the final judgment of the District Court granting the CFPB’s motion for summary judgment and staying the […]

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National Payday Loan Relief celebrates 15 years of transforming lives through payday loan consolidation

[ad_1] OAKLAND PARK, Fla. (PRWEB) October 20, 2021 National Payday Loan Relief celebrates 15 years since they started the Payday Loan Consolidation Program. This program has helped thousands of Americans wallow in payday loan debt regain their financial freedom. Through this program, the company takes responsibility for settling an outstanding payday loan on behalf of […]

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Bemidji City Council hears presentation on payday loan laws – Bemidji Pioneer

[ad_1] BEMIDJI — The Bemidji City Council met Monday for a business session, during which members learned about Minnesota state payday loan laws. The presentation was given by Minnesotans for Fair Lending. According to the presentation, Minnesota law allows a typical two-week $380 payday loan to cost up to $40, with an annual percentage rate […]

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Advocates and experts recommend reforms to Kansas’ inadequate payday loan system

[ad_1] TOPEKA — A consumer credit expert recommends Kansas reform payday loans that could save consumers more than $25 million a year while maintaining access to credit. These loans have been criticized in states across the country, with some even going so far as to ban them. The data suggests that while the majority of […]

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Use of payday loans has fallen during the pandemic, but will rebound

[ad_1] In summary A new report has found a dramatic decrease in Californians’ reliance on payday loans as a direct result of pandemic-related government assistance, including unemployment benefits, rent relief, eviction moratoriums, stimulus checks and loan forbearance. But experts warn that the use of payday loans is expected to rebound once government assistance ends. Lea […]

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Prairie village man sentenced to 12 years in prison for $7.3 million payday loan fraud and $8 million tax evasion | USAO-WDMO

[ad_1] KANSAS CITY, Mo. – A Prairie Village, Kansas man was convicted in federal court today of engaging in two separate fraud schemes related to millions of dollars in bogus payday loan debt and for tax evasion totaling more than $8 million. “After raising millions of dollars from the victims of his fraudulent scheme, the […]

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Payday loan alternatives are becoming more widely available

[ad_1] In perhaps the most unprecedented change, the Consolidated Appropriations Act of 2021, designed to provide financial relief during the pandemic, included $3 billion specifically for the CDFI Fund, which provides financial assistance to CDFIs and minority depository institutions (MDIs). That amount is nearly equal to what the fund has received in total since its […]

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payday loan company owner convicted of bankruptcy fraud | USAO-WDMO

[ad_1] KANSAS CITY, Mo. – A Mission Hills, Kansas man was convicted in federal court today in a bankruptcy scheme related to his online payday loan company. “It’s ironic that someone who has made a fortune by lending money to others is trying to deceive their own creditors,” acting U.S. attorney Teresa Moore said. “This […]

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Hawaii enacts new restrictions on payday loan rates and repayments

[ad_1] Hawaii Governor David Ige signed a bill on Tuesday that will cap interest rates on payday loans at 36% in the state. But this new law, which will come into effect on January 1, 2022, goes beyond simply capping the maximum interest allowed. It will also force the licensed payday loan industry to offer […]

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36% payday loan rate caps may not fully protect consumers

[ad_1] Several states, including Illinois and Nebraska, recently implemented restrictions that cap interest rates at 36% on consumer loans, including payday loans. Proponents say these restrictions prevent consumers from getting in over their heads with these traditionally expensive loans, but opponents argue these kinds of laws will reduce access to credit by forcing lenders out […]

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This Legislation Could End Illinois’ Payday Loan Industry | Chicago News

[ad_1] Kesha Warren needed a short-term cash injection of $1,250 to cover payroll costs for her small janitorial services business. In 2019, she took out an auto title loan, a short-term loan that uses the borrower’s vehicle as collateral. She says she has been cut off from more traditional bank loans. “Nobody wants to lend […]

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Kansas payday loan reform gets another hit

[ad_1] The effort to change state laws regarding payday loans really hasn’t made much, if any, progress in the past few years. But a reform bill heard last week, backed by consumer advocates and some lenders, may be the best — albeit weak — chance Kansas has seen for payday loan reform in some time. […]

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Utah payday loan rates are the second highest in America. Only Texas is higher.

[ad_1] A study indicates that they cost an average annual interest of 652%. Only Texas is higher. (Leah Hogsten | Tribune file photo) A new study indicates that payday loan rates in Utah are the second highest in America. Only Texas is higher. | February 18, 2021, 6:28 p.m. | Updated: February 19, 2021, 10:56 […]

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SoLo Funds is an alternative to payday loans with bigger plans

[ad_1] Travis Holoway, CEO and co-founder of SoLo Funds, says his startup isn’t just a quick way to get a small, short-term loan. It’s the start of something bigger. The startup, which raised $10 million in a Series A funding round last week, offers an app where users can lend money to each other. Borrowers […]

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Dallas expands the rules for payday loans in order to solve a need that is not addressed

The year of 2011 The City of Dallas regulated payday auto title lenders as well as auto lending by requiring to to be registered in the City, and in addition, to provide loans in a manner that makes repayment simpler. This was triggered by the increase in banks offering cheap, short-term, low-cost loans at an […]