Debt collectors can call you, hound you and make you feel like a lowlife, but here in America, they can’t throw you in jail …
payday lenders
Would You Pay $520 in Interest to Borrow $375? 12 Million Americans Did Last Year
Americans spend more than $7.4 billion on payday loans every year. That’s hardly peanuts, especially when you consider that these billions are earned $50 to $100 at a time, often off the backs of the Americans who can least …
The Subprime Generation: Stop Using Dubious Financial Services!
More young Americans – even those earning between $50,000 and $75,000 – are using payday lenders, prepaid debit cards and other questionable financial services. But there are better alternatives to those “alternatives.”
Big Banks Elbow In On Check Cashing, Payday Lending, and Other Fringe Financial Businesses
Conventional wisdom has been that low-income people are better served by mainstream financial institutions than by check cashing storefronts, payday lenders and other providers of fringe financial products. But now, that wisdom …
Uh-Oh: Banks and Credit Unions Peddling Payday Loans
A payday loan by any other name is still a raw deal for consumers. That’s the message watchdog groups have in response to the growing number of short-term, high-cost loans being offered by banks and even credit unions. Since …
A Long To-Do List Awaits the CFPB and Its New Director
Now that the Consumer Financial Protection Bureau has a director (albeit one whose appointment could be challenged in court), it has quite the to-do list. At the top, according to newly installed bureau head Richard Cordray, is …
CFPB’s First Move with a Director in Place: Confront ‘Nonbanks’
One day after President Obama appointed Richard Cordray as director of the Consumer Financial Protection Bureau over the objections of Senate Republicans, the bureau announced the launch of a new “nonbank supervision program.”
Payday Lending Has Gone Mainstream
Most of the public scorn for payday lenders is heaped on mom and pop storefront operations — and the national chains that do nothing but payday loans: publicly-traded companies like Advance America, EZ Corp, and QC Holdings. These companies make small cash loans to generally low-income consumers — and charge a fee of, perhaps, $20 for …
