Owner: Payday Loan Industry Watch News URL:http://www.pliwatch.org/news.html Join Date: Sat, 08 Dec 2007 18:13:26 -0600 Rating:0 Site Description: A listing of recent news about the payday loan industry compiled by
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South Dakota senator wants second look at payday loan cap 2006-11-17 12:15:12 Pierre, SouthDakota
- A coalition of military and consumer groups that persuaded Congress to impose a 36 percent interest-rate cap on payday loans to military members and their families is gearing up to fight the whole issue all over again. Read more:wants
, South Dakota
Dollar Financial acquires 23 Florida payday loan stores 2006-11-17 12:12:08 Berwyn, Pennsylvania - DollarFinancial
Corp expanded its Florida
operations by acquiring 23 financial services stores
this month, predominantly located in Southwest Florida. Dollar has not released the name of the acquired locations, but said the total purchase price for the acquisition was $28.6 million.
Payday lenders face calls for increased legislation 2006-11-16 10:10:15 Seattle, Washington - They're the last resort for thousands of people strapped for cash. . . . State lawmakers are working on bills to lower the rates and give consumers more protection, but the concern is over much more than just high rates. Read more:Payday
, calls
Ohio credit unions provide alternative to payday lenders 2006-11-15 12:16:10 Dayton, Ohio
- Getting into debt is easy; removing oneself from debt is an uphill battle that many people will lose. One major reason for this is the position they are put in by predatory payday lenders, according to the creators of StretchPay, a new program at many Ohio credit
unions that offers small loans without the compiling high interest rates of many predatory storefront lenders.
Predatory loans rob from the poor 2006-11-15 09:59:27 Springfield, Missouri - It was about five years ago that I opened a very unusual letter. It was from a local Baptist pastor who was asking me to write a column about the payday and car title loan businesses springing up around town.
Arkansas fines payday lender $173,050 2006-11-15 09:51:18 Little Rock, Arkansas
- Arkansas' regulator of payday lenders on Tuesday ordered a Conway businessman to pay more than $217,000 in fines
and refunds to customers for operating stores without a license.
Credit union offers payday lending alternative 2006-11-14 10:11:52 Las Vegas, Nevada - When officials at Nevada Federal Credit Union found out a quarter of its members frequented payday loan businesses when running short on cash, they decided it was time to offer an alternative.
Internet payday lenders targeted 2006-11-08 15:15:16 Charleston, South Carolina - Jeannette Hartman of Clarksburg is a consumer who got caught up in payday lending. In her case, it was with lenders who operate on the Internet
.
The truth behind payday loans 2006-11-08 10:11:05 Beverly Hills, California - There is a lot being said about payday loans. Many claim that the interest rates charged are outrageous. Others say that they are the only source of finance available for those with less than perfect credit score. There is a bit of truth in both claims but there is much more to payday loans than meets the eyes. Read more:behind
Professors' research sparks payday loan reforms 2006-11-04 16:09:17 Gainesville, Florida - Payday loan companies, which often charge annual interest rates well into the triple digits, cluster around military bases, according to a study co-authored by University of Florida associate law professor Christopher Peterson.
Hot line helps Tucsonans avoid predatory lenders 2006-11-04 16:08:17 Tucson, Arizona - Considering taking out a payday loan or refinancing a mortgage through a company that advertised in the mail? Call (520) 792-3087 first. That's the number of the 'Don't Borrow Trouble' hot line, a new Pima County service that aims to steer Tucsonans away from predatory lenders and assist those who have already become involved with such lenders.
Illinois fines payday lenders $500,000 in 10 months 2006-11-01 10:12:22 Springfield, Illinois
- The state of Illinois has fined payday lenders operating in the state over $500,000 since the Payday Loan Reform Act (PLRA) went into effect in December, 2005. Governor Blagojevich signed the Monsignor Egan Payday Loan Reform Act in June, 2005. Read more:fines
Credit unions find niches 2006-10-29 13:10:02 Madison, Wisconsin - Through programs aimed at youth and immigrants, credit unions in Wisconsin are carving out a niche to serve groups that might not be highly targeted customers at other financial institutions.
State's only payday lender leaves the area 2006-10-27 12:35:10 Charleston, West Virginia - The only payday lender in West Virginia has left the state. First American Cash Advance pulled out of West Virginia sometime in July, Deputy Attorney General Jill Miles said today. Read more:State
, leaves
Credit union to offer cheaper alternative to payday loans 2006-10-24 15:16:11 Tucson, Arizona - The interest rates might reach 460 percent, but MesaCAN clients often tell the nonprofit's executive director, Pat Gilbert, that payday loan stores are what keeps them afloat.
PLS payday loan store donates $18,000 to schools 2006-10-22 14:41:08 Chicago, Illinois - PLS Payday Loan Store locations in Alabama, Arizona, California, Illinois, Mississippi, and Wisconsin donated a total of $18,000 to community schools. The donations were part of a Back to School promotion, in which customers nominated local schools to receive $200 donations.
Limit need, not loan shops 2006-10-14 13:21:32 Tempe, Arizona - Mesa may soon join Tempe in regulating how far apart payday loan shops
may be situated. This is a tempting but not necessarily good idea. Read more:Limit
Retired colonel slams Barron, loan business 2006-10-11 11:15:41 Huntsville, Alabama - For a man without a dog in the fight, retired Army Col. Tom Brown uses fighting words. Even though he said he isn't campaigning for anyone, Brown held three news conferences Tuesday across North Alabama to criticize state Sen. Lowell Barron
, D-Fyffe, for owning payday loan businesses which may have caused financial hardship to soldiers. Read more:Retired
Virginia delegates push payday loan reforms 2006-10-07 07:25:17 Fredericksburg, Virginia
- When a Marine at Quantico Marine Corps Base couldn't pay off his $500 payday loan by the next payday, he kept extending it for a year and a half. Read more:delegates
Payday loan firms feeling the pinch 2006-10-07 05:05:29 Detroit, Michigan - With Michigan's economy in the tank - thousands of unemployed factory workers and underemployed service workers are looking for jobs and many people are struggling to pay their bills - you might expect business to be booming at payday loan centers. Read more:Payday
, firms
Banks waver, CUs step up with payday loan choices 2006-09-29 21:15:10 Pittsburgh, Pennsylvania - Pennsylvania banks shied away from the state's effort to provide loans to high-risk borrowers victimized by exorbitant rates on payday loans. But credit unions stepped up to fill the void, said the state Treasurer's Office. Read more:choices
Arkansas delegation supports payday loan interest cap 2006-09-29 21:02:12 Little Rock, Arkansas
- Members of Arkansas' congressional delegation said Friday that America has a responsibility to protect military service members and their families from predatory loans.
Payday lending cultivates legislative support for comeback 2006-09-28 09:22:06 Greensboro, North Carolina - As 2005 gave way to the new year, the NC Banking Commission handed down a decision shuttering the state's largest payday lending company; a little more than two months later Attorney General Roy Cooper announced a settlement with three others that would result in the industry for all practical purposes halting operations in North Carolina. Read more:Payday
, comeback
Davis now supports loan caps 2006-09-26 14:17:52 Lexington, Kentucky - U.S. Rep. Geoff Davis
, R-Ky., is backing a proposal to cap high interest rates for short-term payday loans to military service members at 36 percent, a spokesman said yesterday. The decision follows a week of attacks from an opponent and constituents for his previous opposition to the plan.
Payday loan industry grows in state 2006-09-25 08:25:15 Denver, Colorado - The number of Coloradans borrowing money from sub-prime lenders increased last year, according to data released Monday by the Colorado attorney general's office. Read more:Payday
, industry
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