Payday Loan lenders could be sued in Illinois for failing to disclose the existence of an Electronic Funds Transfer [EFT] agreement in the loan disclosure box, so says the 5th Division of the First District Appellate Court of Illinois in the case of Randle v. Americash Loans, LLC, No. 1-09-2318 (July 30, 2010) Cook Co., [...]
Payday Loans
If you’re filing bankruptcy, then chances are you may may have taken out a payday loan recently, according to a “Do Payday Loans Cause Bankruptcy?” by Paige Marta Skiba of Vanderbilt Law School and Jeremy Tobacman from the University of Pennsylvania. In theory, I have no problem with the concept of payday loans. It’s nice [...]
Since tax season is on hand, the media is full of ads touting tax refund or “refund anticipation” loans. “Get your money NOW!” “In today’s economic climate, can you afford to wait for your tax refund?” Well, the easy answer is, especially in today’s economic climate you should not get a tax refund loan. Why [...]
Post-dated payday loan checks can be cashed even after a bankruptcy is filed, according to a federal appellate panel. They may not be able to keep the money, however. Most bankruptcy filings trigger an automatic stay which stops collection of debt by creditors. One exception to this stay is for “negotiating” — cashing — a [...]
Payday loans are not good for you.People who take out payday loans are 7 times more likely to file for bankruptcy than those who don’t. Yet each year 10 million American families take out payday loans often at a 450% yearly interest rate. In a report “Do Payday Loans Cause Bankruptcy?”, Vanderbilt Law School’s Paige [...]
Payday lenders and their lobbying arms are supporting ballot measures in Ohio and Arizona, two hotbeds of payday lenders, which would rollback recent laws passed in those states that regulate the payday lending industry. The Wall Street Journal reports that payday lenders are spending millions to back ballot measures to challenge consumer-friendly restrictions on the [...]
