Let’s prevent return to predatory lending

Today lobbyists in Olympia are working to throw our families back into a spiral of debt under the guise of a new installment loan product. This product isn’t needed because payday borrowers already have the right to a better, cheaper installment loan option. Legislation recently passed by the Republican-controlled Senate and by the House Committee on Business and Financial Services opens the door for drastic growth of the payday...

Read More

Payday Black Marks

Payday loans are a booming business but now lenders are divided on whether anyone who has taken out one of these loans should be accepted for a mortgage. Last week, a code of conduct was launched to help protect borrowers but huge questions have been raised regarding its effectiveness to reign in the rogues. Bob Woodmansee, an independent financial consultant, is one broker who had a client with a payday loan declined for a mortgage,...

Read More

Payday Lending Battles in USA

Wherever you live and report, there’s a good chance a payday lending battle is brewing in your backyard. An estimated 12 million Americans spend $7.4 billion a year on payday lending services, according to the latest report from the Pew Center on the States. That breaks down to 5.5 percent of adults across the country. These borrowers are mostly white females between ages 25 and 44. They borrow an average of $375 to cover regularly...

Read More

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...

Read More

Steps To Turn In An Illegal Loan Shark

So many innocent people are being victimized by illegal loan sharks (and unethical payday lenders), that more webmasters in the financial world should help bring more awareness to the issue. This is one of the primary reasons that we have decided to create this post today. If only one or two people read it, then that’s 1 or 2 people that we have saved. That matters to us. If you feel that you or someone you know is being...

Read More

Citizens Urged To Turn In Loan Sharks

Stuart Bell was recently arrested for illegal money lending and jailed for up to 8 months. This is not the first criminal that has been prosecuted as an illegal money lender…and certainly won’t be the last. There are many task force units in the United Kingdom which are hunting down loan sharks more now than ever. Illegal or predatory lenders should be weary because if they haven’t got to you yet…they will...

Read More