Payday Loan News and Information
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From the category archives:
The Fall of 2008 has been a difficult time for the payday loan industry. As we have discussed, voters in several States, including Ohio and Arizona, dealt blows to payday lenders in those States.
It wasn’t just voters who gave payday lenders a hard time — the Arkansas Supreme Court also did. In November, [...]
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The U.S. Federal Trade Commission and the State of Nevada recently field lawsuits against ten related Internet payday lenders (all of which are primarily based in the United Kingdom). The lawsuits claim that the lenders violate federal and state laws as they did not clearly disclose important loan terms to borrowers. The lawsuits also claim [...]
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Payday lenders in Ohio are searching for different ways to do business now that Ohio has enacted a strict new law which caps small, short term loan interest rates at below 30% APR. Consumer advocates are concerned that payday lenders are finding a way around the election results.
As with lenders in other States that [...]
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In November, the payday loan industry in Ohio took a big hit when “Ohio Issue 5″ on the November ballot passed. Here’s a quick summary of the ballot measure (which was a referendum):
Ohio voters were asked whether they want to approve Section 3 of Ohio House Bill 545 that caps the Ohio payday loan [...]
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A major payday loan initiative in Arizona (designed to extend the legality of payday loans in Arizona past their expiration in 2010) was defeated in November.
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