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 [...]
Payday Loans
In order for a debt to be governed by the Fair Debt Collection Practices Act, there are some requirements: The debt must be a consumer debt: The debt must have been incurred for personal, household, or family reasons; A debt collector must be involved: A debt collector (not the original creditor) collects for another; The [...]
Just because a company publishes a nice looking web site and offers to issue a loan, there is no assurance that the deal offered will be any good. Take, for example, this outrageous offer for unsecured debt offered by a loan company on the Internet. You can get up to $3,000, but you will pay [...]
Social Security would like your help. Predatory lenders in some places have found a way to, in effect, take control of Social Security payments and collect fees from that meager stipend essentially forever. The Social Security Administration is taking public comments until June 20, 2008 about what they should do, if anything. Here’s where the [...]
If you’re in financial problems (and even if you’re not) you’ve probably seen the ads for “payday loans.” Sounds good–if you’re short at the end of the month, just borrow a small amount of money, usually $100 or $200, for a short period of time, and then pay it back when you get paid. So [...]
