Payday Lenders Using Social Media to Determine Creditworthiness

For years, traditional financial services as well as alternative financial services, like payday loan companies and auto title loan firms, would simply check your credit score, verify your bank account information and confirm if you are employed in order to determine your creditworthiness. To this date, most credit lenders rely on this system, which some […]

Google Fulfills Pledge to Take Down Payday Loan Advertisements

Last year, search engine juggernaut and tech titan Google announced that it would be prohibiting certain kinds of payday loan advertisements from showing up on the website. The company stated that it would place specific types of payday loan ads in the same category as guns, drugs and pornography. Despite some level of skepticism, especially […]

Ontario Government Proposing Strengthened Payday Loan Rules

Earlier this year, the government of Ontario passed legislation that would reduce the maximum total cost to borrow payday loans to $18 per every $100 borrowed. This change comes into effect January 1, 2017. This week, the Ontario government proposed a new set of rules that would apply to payday loans. Under the Putting Consumers […]

FCA Ends ‘Reckless’ Payday Lender’s Interim Permission in Great Britain

The payday loan industry has been placed under a microscope in Great Britain. For the past three years, the nation’s leading financial watchdog has significantly scrutinized every action, every move and every complaint in relation to the payday loan business. And it’s at it again. According to a new report from the London Telegraph, the […]

CFPB Director Doubles Down on Payday Loan Reform

Early last month, the Consumer Financial Protection Bureau (CFPB) unveiled its much-anticipated proposal that would rein in the payday loan industry at the federal level. Despite drawing mixed reactions, the new rules and regulations, which would go into effect at the beginning of 2017, would require payday lenders to conduct an income check and to […]

Next Democratic VP Pick Has Sights Set on Payday Loans

Soon after United States President Barack Obama entered the Oval Office, he established the Consumer Financial Protection Bureau (CFPB), which is now celebrating its fifth birthday. The consumer federal watchdog agency was formed to regulate and monitor consumer products and services, and one of the targets by the CFPB has been the payday loan industry. […]

Texas Movie Director Debuts Documentary About Payday Loans

It’s no secret that the payday loan industry has become the target of criticism, vitriol language and policies designed to limit their business model. Everything from think tank reports condemning the industry to public officials issuing statements lambasting the product. But what about a motion picture about payday loans and car title loans? It’s being […]

Cambodian Bank Offers Payday Loans to Clients with Jobs

In North America and Europe, financial institutions refrain from providing their clients with short-term, small-dollar loans, otherwise referred to as payday loans. Since this is viewed as high-risk and unprofitable, American, Canadian and British have refrained from providing it. Outside of these jurisdictions, however, a large number of financial institutions are seeing payday loans as […]

Will Alabama Move Ahead With a Payday Loan Task Force

Alabama remains one of the most popular states for the payday loan industry. Thousands of payday loans are made every year, and payday loan businesses generate a lot of revenues. Following the Consumer Financial Protection Bureau (CFPB)’s clampdown of the payday loan industry, the Alabama government has decided to follow suit and take its own […]