paydayloans

Going to a payday lender can be a good financial decision. That is, if your Attorney General threatens to sue your payday lender, and they settle up, and then you receive your money back. New York Attorney General Andrew M. Cuomo has just announced a $5.2 million settlement with two companies...

Three years ago more than 250 payday lenders were doing business in Arkansas. As of this week, all are out of business.Arkansas represented a unique opportunity for opponents of payday lending. The state constitution includes a cap on interest rates that state officials and advocates used to drive...

If you want to see a consumer financial protection agency, now is the time to let your Congressman know how important that protection will be for you. I've seen many comments on WalletPop about how abusive credit card and mortgage practices have hurt people's financial position. Most of those...

Arthur Delaney reports that a number of bloggers have been pitching the virtues of www.paydayloansmania.com, an online provider of high-interest payday loans for people who are really, really, really desperate for cash. At PaydayLoansMania.com, "Nobody will ask you for what purposes you need your...

Many of us have our paychecks directly deposited to our banking account. Many of us run out of money before payday. Now Well Fargo has gotten into the payday loan business with the direct deposit advance, which allows customers to tap into their paycheck early, for a hefty fee. This offering, like...

November was a tough month for the payday lender business, as Arizona and Ohio joined a host of other states imposing caps on its fees that will effectively drive them out of business. As a result, the unbanked, it need of quick cash, are being forced back to an ancient alternative, the...

Update May 2009: New restrictions on payday loans have driven many locations out of business, while others scramble to find ways to skirt the laws. Notnetheless, for many people who need that one-time bridge loan, these businesses still serve as a last resort. Somehow I've managed to become...

Some time ago, a woman wrote a letter to The New York Times, explaining how her life had been pretty much ruined by a loan shark.She had borrowed $50 when her daughter was sick and had to pay three consecutive monthly payments of $22. It began a cycle where she wound up broke and then foolishly...

In the last year, there has been a lot of movement afoot in state governments to either quash payday lending establishments or at least force them to bring down their interest rates. Here's a quick snapshot of how things are going -- or not going.California: Earlier this month, just as legislators...

This post is part of a series about real-life signs we're in a recession. For years, I've lived by a couple rules. For instance, I never eat yellow snow, and I never step foot inside one of those payday lending establishments.Well, at least my yellow snow rule is still intact.Like many Americans,...