State cites online payday lender

The California Department of Corporationson Monday fined the operator of Pixycash.com, alleging the online payday lender is operating without a license. The enforcement order targets Northway Financial Corp. Ltd. and Northway Broker Ltd. of Malta with fines totaling $32,500 for 13 violations. The agency says the company is soliciting California residents online with loan offers on its Pixycash website. “This type of order is our first...

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How Big Is The Payday Loan Industry

We’ve all heard about payday loans, and why people flock to them them. Sure, they’re useful, they’re quick and they’re timely. But are they really good for us? How big exactly is the payday lending industry, and how far is its reach? Are they legal, and are being monitored at all? We answer some of your questions here. Why Payday Loan Companies Flourish Usually payday loan companies target people who are absolutely desperate for...

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California Payday Loans Increase

A bill has made it to the Senate in California that will increase limits on payday loan amounts. Assembly Bill 1158 would increase lending limits to $500. This is up from the current limit of $300. Currently, although the loan amount may be up to $300, those taking out a payday loan of this amount only receive $255, and have two weeks to pay it off. The majority of borrowers cannot pay this back in time and are forced to take more...

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Wonga Slinging Student Payday Loans?

An article recently put out by The Loan Shark Guide is questioning the validity of a payday loan company in the UK that was recently offering payday loans to students who are and a lot of debt and need to pay their financial educational cost. This article was also confirmed by The Daily Mail. It seems that the payday loan company called Wonga was targeting students who are behind on their student loan payments, and was offering to...

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