Leader Cllr Rodney Chambers (Con) says the authority is considering outlawing the promotions on billboards and bus stops.
They also would like to block payday loan websites from community centers and libraries. Continue reading “Medway Council May Ban Payday Loans Ads” →
Michelle Singletary wrote an article in the Washington Post titled Which is worse: A payday loan or borrowing against a 401(k)?
Many would argue that borrowing from payday lenders are worse. While I agree. Borrowing from your 401K could be bad as well. Taking money from your retirement funds can cost you. I would speak to an accountant before touching any funds from your retirement plan. Continue reading “Payday Loans or 401K?” →
Attorney General from Georgia, Sam Olens has file a lawsuit against two companies, Cash Call, Inc and Western Sky.
The two companies indicating back in May of 2012 that they will no longer offer payday loans online to Georgia residents. They also continued to harass consumers by practicing abusive practices.
Contact the Attorney General for abusive collection practices click here for more info.
Payday loans are loans of relatively small amounts, which are generally taken out for a period of less than a month, until the borrower receives their paycheck and can repay the amount. The payday loan industry boomed in the 2000s, reaching its peak in popularity in 2006, but is now seeing a slight decline in its profits and the numbers of lenders operating in the market. The loans are typically for amounts ranging between $100 and $1000, and the average term for a payday loan in the US is two weeks. Continue reading “Payday Loan Laws in West Virginia” →
Payday loans are now common in the lending and borrowing sector of the financial market in the US, and it’s not hard to see why; at first glance they provide a small, easily managed sum of money for a short period of time of your choosing, which you can repay once you’ve got your next paycheck. But unfortunately, the situation often works itself out a little differently and not nearly as well as the borrower had been hoping. As such, many people find themselves needing to take out second and third loans to pay off the previous ones, in an attempt to avoid late fees and non-sufficient funds charges, but in doing so, they put themselves in a situation where they have to repay hundreds, if not thousands, more dollars than the original amounts of the loans. The situation is not helped by the fact that these loans are often the only loans some people can be approved for, as banks and building societies will always perform a number of checks into a borrower’s financial situation before they’ll agree to lend money, whilst payday loan lenders don’t have to perform any checks on credit scores and they usually won’t question the customer over whether or not they have the means to repay the loan once its term is up. Continue reading “Payday Loans Laws in Vermont” →
Payday loans are a fairly popular loan in the US, and attract many customers thanks to their promise of being able to borrow a small, manageable sum of money, for a short period of time until you next get paid. Unfortunately, they’re often more trouble than they’re worth, as the high interest rates and administration fees catch a lot of borrowers off-guard, and can cause people to spiral into a cycle of repeat payday loan borrowing, just to pay off their previous loans. It’s because of this that many US states have banned payday loans (only thirty-two states allow them) and many of the states that still permit them have set up regulations and limits to the charges and rates on the loans, in order to protect consumers and to limit the damage lenders can have on people’s finances. As such, payday loans in the US can only be given for amounts between $100 and $1000, and lenders cannot press criminal charges against borrowers if they’ve been unable to repay the loan by the end of the loan term. Continue reading “New York Payday Lending Illegal?” →
There are several aspects of financial health that need further investigation. One of the many terms that you will see in print and in person is that of debt. This term covers a lot of ground, and often times it is in a negative light, but it can also be a means to an end for millions. Understanding this on a deeper level is an important part of living in these modern times. For those that are wondering what this is and how it can affect different economic elements, the following can help clear things up a little bit. Continue reading “What is Debt?” →
When it comes to money and loans, there are a variety of issues that you’ll want to avoid. For instance, if you can’t pay for debts that you’ve accrued, you should definitely call the lender and inform them of hardships, but when that doesn’t work, and you are dealing with problems associated with your financial outlook, do not stop paying and think everything will get resolved in time. If you do not pay for a long period of time, and you do not inform the lender, you will be subject to penalties, fines, fees, and worst of all, you could go into default. This is one of the biggest things that you will not want to deal with at all, and there are several reasons why. Continue reading “What is Default?” →
In the world of economics a lot of terminology can get lost in the shuffle, and one of those terms is assets. This option is one of the more important pieces that everyone should know and consider, especially when dealing with long term financial decisions. If you’re seeking a loan, for instance, you’ll often times have to record a list of these things in order to ensure that if you default, possessions can be repossessed. This is also needed for tax purposes, especially when audited, as you’ll need to prove the income that you have and if you can’t pay for items, repossession in that manner can once again occur. Continue reading “What are Assets?” →
Financial rhetoric can be quite confusing at times, especially when you’re looking to borrow money for a large purchase. If you’re not sure what all the terms mean or you are given a long sheet with a lot of vocabulary that is unfamiliar to you, than it’s important to understand some simple ideas. The simplest thing that you can look into when dealing with currency matters is a comparison between low interest rate and high interest rate lending. This will help you make sound decisions in the process of purchasing anything of high value or cost. Continue reading “Low Interest Rate vs. High Interest Rate – Understanding the Difference” →