A pair of organizations in Missouri has joined forces in a bid to push through ballot measures which would put a limit on the interest rates charged by instant cash loan companies as well as increasing the state minimum wage. The groups are ‘Give Missourians a Raise’ and ‘Missourians for Responsible Lending’. They spoke at [...]

It appears as if banks want to have everything their own way. Despite lending more than a billion dollars to the cash advance industry, they still speak out against it whenever possible. Surely they realize that their own inaction is what drives the short-term loan market? Perhaps they do and are funding the industry because [...]

A pair of organizations in Missouri has joined forces in a bid to push through ballot measures which would put a limit on the interest rates charged by instant cash loan companies as well as increasing the state minimum wage. The groups are ‘Give Missourians a Raise’ and ‘Missourians for Responsible Lending’. They spoke at [...]

When you think of the practice of loaning small amounts of cash at a high interest rate for quick repayment, you probably think of cash advances. However, an increasing number of banks are offering these loans except they like to call them ‘direct deposit loans’. Unlike payday lenders however, banks are given protection that enables [...]

Banks all across the United States are rejoicing now that the Consumer Financial Protection Bureau (CFPB) has turned its attention to the supervising of non-banking financial services such as payday loans. This form of lending has drawn the ire of consumer groups who assume that banks are on their side for a change. The CFPB’s [...]

With an estimated 9 million American households having no savings or checking account and 21 million more only having access to short-term cash lenders or check cashing outlets, it’s no surprise that cash advances are gaining popularity. It is interesting to note that instant cash loan companies are thriving more than ever despite a number [...]

Payday loan companies in Missouri have sensationally been accused of trying to bully churches as the argument about the high interest rates charged by short-term lending companies escalates nationwide. Missouri seems to be in the middle of the most newsworthy payday loan struggles as certain consumer rights groups attempt to push through legislation which would [...]

Missouri groups have already been active in terms of trying to increase minimum wage and reduce the maximum interest allowed on cash advances but other groups believe that this is not enough. This is why churches, bankers, non-profit agencies and lawyers have joined forces in Kansas City to create an alternative source of credit for [...]

While a number of states are seeking to reduce the maximum interest rate charged by payday lenders, New Hampshire Governor John Lynch has the opposite problem. He is trying to prevent legislation that would maximize the interest rate. In late January 2012, Lynch vetoed a proposal to increase the maximum annual interest rate to 400%. [...]

It seems as if US Congress is on a mission to render low income Americans utterly helpless as they continue to crack down on payday loans, one of the few places a low income family can turn to for immediate financial assistance. Banks are under fire for refusing to issue loans to small businesses as [...]