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Sometimes borrowing money seems like the only way to deal with debt. Whether you need rent money or your car payment is due or whatever the case may be the fact is, sometimes you need cash and you need it yesterday.
But what if you really need to borrow money but your credit stinks? This can [...]
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We knew this was coming. Here’s the story : Licensing is required regardless of whether the lender has a physical presence in Minnesota. Payday lenders will also be required to comply with the limits on loan amounts, fees and charges, and other requirements of state law. After further review of Minnesota law and statute the Department is now of the opinion that a payday loan made via the internet is made in the state where the borrower resides and the payday lender making such a loan is subject to Minnesota laws and licensure. As a result, all payday lenders making loans to Minnesota residents via the Internet must meet the new licensing requirements effective Dec. 1.
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For immediate release: Sunday, August 31, 2008 Ohioans For Financial Freedom Files More Than 400,000 Signatures To Give Ohioans Financial Choices and Jobs Columbus? Ohioans For Financial Freedom made its voice loud and clear today filing more than 400,000 signatures with the Ohio Secretary of State from Ohioans who want to keep their financial choices and 6,000 good paying jobs. Ohio consumers and volunteers helped unload the boxes and boxes of signatures helping put a Vote No on Issue 5 measure on the November 4 ballot. “This effort was a great opportunity to hear from Ohioans, and it’s clear from this massive number of signatures there is a strong sentiment among voters that politicians need to stop killing jobs and financial choices in the state – especially when the economy is faltering and businesses are fleeing Ohio, “ said Committee Member Bridgette Roman.“ In signing the petition, Ohioans took part in their democratic right to repeal a bad law (H.B. 545). “Ohioans have been enthusiastic about this effort because they are tired of government inserting itself where it is not needed,” said Roman. “Ohioans deserve to have financial choices.” The number of signatures filed is well over the 241,365 signatures from 44 Ohio counties required by law. The signatures provided to the Secretary of State (SOS), are now sent to the local county boards of elections for verification, then back to the SOS for official certification. Today’s filing of the 400,000 plus signatures comes on the heels of strong endorsements from the Ohio Chamber of Commerce and the Ohio Grocers Association. read more
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Do payday lenders make a killing by charging 200-500% APR on short term loans? According to a recent blog post at www.paydayfacts.org, the answer is “no”.
Here’s a quote from the post:
On average, the nation’s five publicly traded payday lending companies earn a 6.6 percent profit on their income. To help put this in perspective, IHOP [...]
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Although it is unfair to compare payday loan fees to credit card fees (a payday borrower may not even have access to a credit card due to a poor, thin, or non existent credit history), the comparison is often made. With recent fee increases and penalties by credit card issuers, the gap between the two [...]
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