PayDay Loans Presentation from March 21
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Chalk one up for consumers! The California Supreme Court unanimously held that interest rates may render a consumer loan unconscionable even in the absence of a statutory interest rate cap. http://www.courts.ca.gov/opinions/documents/S241434.PDF. The ruling has also been covered in the LA Times and the American Banker. This allows courts to take into account the facts and equities…
In a time when we need consumer protection, the U.S. Consumer Financial Protection Bureau (CFPB) has unfortunately decided to pull back its activities and seek to promote a free market for financial services, according to a new article by Reuters today. The CFPB will release a new strategic plan this week that will detail changes…
Payday loans are short-term loans that generally must be paid on the borrower’s next payday–typically, two weeks. These loans carry a fee of around $15 for every $100, payable at the end of those two weeks. But most borrowers are unable to pay within two weeks. Instead, they roll the loans over, sometimes multiple times,…
In 2003, Elliot Clark took out five short-term loans of $500 from payday lenders in Kansas City so he could keep up with the bills his security job simply could not cover. Clark juggled the five loans for five years, paying off a $500 loan and interest using loans he took from another payday lender.…
Payday loans can be useful for those who have an immediate need for cash to meet short-term obligations. Be sure to exhaust these alternatives prior to seeking a payday loan: Borrow from a credit union or other small loan lender. Be sure you understand all the fees and terms before you sign. Put off the expense…
What is a payday loan? Short-term loan designed to meet immediate needs Generally three features Small amounts Typically due your next payday You must give lenders access to your checking account or write a check for the full balance in advance that the lender can deposit when the loan comes due. How much does a…