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Payday Loans ScrutinizedFeb 11, 2012
With more American's struggling financially, payday loans are coming under scrutiny for trapping the working poor in a vicious cycle of debt. Armen Keteyian reports.
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In Defense of Payday LendingFeb 17, 2012
Few industries are more reviled than payday lending, which primarily services the working poor by offering short-term loans at high interest rates. Payday customers borrow an average of $350 for a period of two weeks, or until their next paycheck comes in. The money is handed over on the spot, once the payday store can verify that the customer has a job, earns enough to afford the loan, and hasn't recently defaulted with another vendor. Payday loans are in high demand: There are 22000 payday storefronts in the United States and in 2009 they loaned a combined $35 billion. And yet the industry is fighting for its survival. Montana just voted to make it illegal for the payday-loan industry to operate profitably, so lenders are loading their wagons and wheeling out of "The Land of the Shining Mountains." They've already moved on from Oregon, New Hampshire, North Carolina, Arizona, Georgia, and Washington, DC, because of similar regulations. The annualized interest on payday loans runs about 400 percent, but the reality is that payday firms see returns closer to 10 percent, or about the same as other less-demonized financial service providers. Now there's a danger the federal government will quash the rest of the US payday industry. The Frank-Dodd Financial Reform bill, passed in July, created the Consumer Financial Protection Bureau (CFPB), which posseses the power to regulate paydays at the national level for the first time. The vaguely written law doesn't allow the CFPB to ...
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Instant Payday LoanFeb 20, 2012
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Payday Loan Application: How It WorksOct 03, 2011
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Payday loan trapJan 11, 2012
Payday loans may seem like an easy way to fast cash, but for many who cannot afford the high interest, these short-term loans are the fastest route to bankruptcy. source form MoneyTrack:video.msn.com view amass video&article about loans http
Different Types Of Payday LoansJan 23, 2012
Different Types Of Payday Loans. What is a payday loan? How can one get a payday loan. Is a payday loan needed these days?
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What you need to understand about UK payday loansApr 19, 2011
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