Fed Report Says Payday Loans Save 19% of Americans Per Year

If you had an unforeseen event transpire in your household that cost $400, would you have the necessary funds to cover it? Nearly half of United States consumers couldn’t, says a new Federal Reserve report that monitors “the financial and economic status of American consumers.” Although the study has garnered some spotlight attention over some […]

Community Leaders Across U.S in Search of Cheap Small Loans

For the past couple of years, the payday loan industry has come under heavy scrutiny. Everywhere from California to Maine, officials and citizens are demanding action taken against this sector. Critics say the industry preys on the impecunious and places them in a vicious cycle of debt. Proponents argue, however, that it’s a service the […]

Christians Look Down on People Borrowing from Payday Lenders

Are payday loans immoral? Many people may present the case that payday loan stores employ dubious practices and could be at times unscrupulous. But immoral is often not the word used during political debates and a discourse involving the need of payday loan businesses in society. A new survey suggests that most Christians view payday […]

White House Discusses Their Moral Obligation to Payday Loans

Many states, as well as the Consumer Financial Protection Bureau (CFPB), have been tackling the pressing issue of payday loans that affects millions of Americans. But after Thursday’s meeting, White House officials may take a personal approach to take on the multi-billion-dollar payday loan industry. White House officials met with top religious leaders in the […]

Politicians Try to Leverage SAFE Act to Protect Loan Borrowers

For years, anti-poverty activists and politicians have urged legislation to reform or prohibit the payday loan industry. With new regulation being put forward by various jurisdictions in North America, a lot of payday loan stores have decided to go online to circumvent laws. A large number of states across the United States and provinces across […]

Alabama Inches Closer to Payday Loan Reform

The state of Alabama is inching ever so closer to reforming the payday loan industry. Alabama Senators voted 28-1 in favor of a bill that would give borrowers more time to repay their “cheap payday loans”. Republican State Senator Arthur Orr, the legislation’s sponsor, explained that the reform would “decrease the punitive nature” of the […]

U.S. Charges Pennsylvania Man in Payday Loan Racketeering Scheme

A prominent businessman has been charged in violation of usury laws in Pennsylvania and other states. This is part of a widespread federal crackdown of usury and abusive lending practices across the United States. Described as a businessman who established strategies that payday loan providers have used for years to avoid state regulators, Pennsylvania entrepreneur […]

Poor Americans Pay More to Take Out Loans

According to a report issued earlier this year by the PBS Newshour, the costs for the poor are more exorbitant, especially when it comes to taking out loans or banking. The poor, in many cases, are unable to maintain a minimum banking balance or supply the needed ID to open a bank account, they have […]

Internet Based Payday Lender Agrees to Pay $1 Million Fine to New York

One news article on the platform stated that an Internet-based company has agreed to pay a $1 million penalty to the State of New York and stop generating leads for payday loan lenders in the state. Chris Kay, who is the CEO of Blue Global LLS of Scottsdale, Arizona, agreed to the settlement that […]

Arizona House of Representatives Approves Flex Loan Proposal

According to the Arizona Capitol Times, the Arizona House of Representatives has just passed a proposal that will permit payday lenders to offer a new high-interest flex loan product. Legislators voted 31 to 26 to approve Senate Bill 1316 on March 21, 2016. If the bill is approved by the Arizona Senate and signed by […]