• Home
  • Subscribe
  • About
  • Archives
  • Search
  • Bookstore
  • Careers
  • Consulting
  • Education

Payday Loans

Welcome to the News View for "Payday Loans".

Here, on one page, you'll find all of the articles on Payments News for Payday Loans listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

Subscribe to Payments News!

May 07, 2008

Pew to Promote Fair Bank Account Standards For 'Underserved'

Tags » Banking Industry, Payday Loans, Unbanked

The Pew Charitable Trusts have announced a new project aimed at 'helping America's workers underserved by mainstream financial institutions secure access to safe, affordable, fair, and empowering bank accounts. The Pew Safe Banking Opportunities Project, a two-year $2.1 million initiative, will develop and promote standards for bank accounts so that moderate- and low-income households that are new to or have been left out of the mainstream banking system are less likely to have to rely on overly expensive, income-stripping financial products.'   » Continue Reading

April 03, 2008

A Look at Consumer Debt

Tags » Consumer Debt, Credit Card Debt Counseling, Financial Regulators, Payday Loans

Research analyst Kristie M. Engemann and economist Michael T. Owyang of the Federal Reserve Bank of St. Louis have published an article in the April issue of The Regional Economist titled "Extra Credit: The Rise of Short-term Liabilities".   » Continue Reading

January 24, 2008

Beyond Payday Loans

Tags » Banking Industry, Payday Loans

In today's Wall St. Journal, former president Bill Clinton and California governor Arnold Schwarzenegger have an op-ed piece titled "Beyond Payday Loans" - where they write about efforts they're backing to help reduce the $8 billion spent on check cashing services, payday loans, etc. They write: "Here is one initiative that can unite progressives and conservatives as well as business leaders and community activists: helping the "unbanked" enter the financial mainstream by opening checking and savings accounts, and working collaboratively with financial institutions and community groups to develop and market products that work for this untapped market."

July 31, 2007

Usury Law, Payday Loans, and Statutory Slight of Hand

Tags » Consumer Debt, Consumer Lending, Payday Loans

Christopher Peterson of the University of Florida - Levin College of Law has written a paper titled "Usury Law, Payday Loans, and Statutory Slight of Hand: An Empirical Analysis of American Credit Pricing Limits" (PDF).   » Continue Reading

January 24, 2007

Defining and Detecting Predatory Lending

Tags » Consumer Debt, Payday Loans

Donald P. Morgan of the Federal Reserve Bank of New York has published a staff report titled "Defining and Detecting Predatory Lending" (PDF). From the abstract: "We find that in states with higher payday loan limits, less educated households and households with uncertain income are less likely to be denied credit, but are not more likely to miss a debt payment. Absent higher delinquency, the extra credit from payday lenders does not fit our definition of predatory. Nevertheless, it is expensive."

November 30, 2006

Payday Lenders React To Criticisms

Tags » Consumer Debt, Payday Loans

The Community Financial Services Association of America (CFSA), a national trade group of responsible payday advance companies, has issued a press release "dismissing a report by the Center for Responsible Lending (CRL) as misleading and lacking perspective."   » Continue Reading

August 15, 2006

Concerns About Grocery Credit Card

Tags » Credit Cards, Payday Loans

Nichole Monroe Bell writes for the Charlotte Observer about some concerns being raised about a new grocery credit card called BonusPay that was introduced in all South Carolina Bi-Lo grocery stores last week. The card is issued by Purpose Solutions, a subsidiary of CompuCredit, and the First Bank of Delaware. According to Bell, "with BonusPay, shoppers are given a credit line of $50 to $200 and are charged $3 or $5 each time they use the card at the checkout, plus $4.99 for each month they use the card. The balance and fees are deducted from their checking account when they get their paychecks."

June 20, 2006

The High Cost Of Being Poor

Tags » Payday Loans, Unbanked

On Sunday, the Buffalo News ran the first story in a four part series by staff reporters Rob Watson and Jonathan Epstein about the "high cost of being poor." The story introduction commented "every day, the working poor face a kind of Alice-in-Wonderland reality where those who can afford the least pay the most." A must read.

March 18, 2006

The High Cost Of A Low Income

Tags » Payday Loans, Unbanked

The Institute for Public Administration at the University of Delaware yesterday held a conference titled "The High Cost Of A Low Income" to explore financial services in under-served markets.   » Continue Reading

February 07, 2006

Courting The Cash-Strapped

Tags » Payday Loans

Gail Liberman and Alan Levine report for MarketWatch.com on so-called "bank alternatives" including payday loan companies seeking to target the financial strapped middle class.   » Continue Reading

February 05, 2006

Payday Loans in Virginia

Tags » Payday Loans

Jay Speer, acting director of the Virginia Poverty Law Center, writes an op-end piece for the Daily Press in Hampton Roads, VA about the rapid growth in payday loans in that state and reform he wants to see to address the problems he sees.   » Continue Reading

December 23, 2005

North Carolina Rules Against Payday Lending

Tags » Payday Loans

Binyamin Appelbaum reports for the Charlotte Observer on a ruling yesterday by the North Carolina banking regulators that payday lender Advance America violated state law by charging excessive interest rates on short-term loans.   » Continue Reading

December 11, 2005

South Dakota: A Haven For Fast Credit

Tags » Consumer Debt, Credit Card Debt Counseling, Payday Loans

images-6.jpgThe Sioux Falls (SD) Argus Leader reports on the consumer lending business in South Dakota - where the industry is relatively "loosely regulated" and where payday lending is booming.   » Continue Reading

March 20, 2005

Military Combating Payday Lenders

Tags » Consumer Debt, Payday Loans

Anita Powell of the Cox News Service writes in the Philadelphia Inquirer about initiatives to help troops avoid compounding their debt.

Since last year, officials with Army Emergency Relief, a private nonprofit organization, have been working on a new national program called Commanders Referral that will debut at Fort Hood this year. The program, which offers soldiers two no-interest $500 loans a year, is an attempt to undercut the aggressive payday-loan business, military officials said.

January 11, 2004

Payday Loans - Forever in Debt

Tags » Lending, Payday Loans

Kathy Kristof reports in this morning's Los Angeles Times on payday lenders.

The payday lending industry, virtually nonexistent a decade ago, accounts for roughly $25 billion annually in loans, according to a recent study. More than 90% of payday loans are made to repeat borrowers such as Monti, whose short-term cash crisis was only worsened by the quick fix.

The article goes on to say:

The typical annual effective percentage rates on payday loans range from 391% to 443%, according to a study (PDF) released last month by the Center for Responsible Lending. Payday lenders get around state usury laws by characterizing the cost as a fee rather than an interest rate.

Payments Jobs

Sponsors

News View

Payments Consultants

Subscribe


  • or via RSS

Search

Languages



Glenbrook Partners

PAYMENTS NEWS IS PRODUCED BY AND IS A SERVICE MARK OF GLENBROOK PARTNERS, LLC
ISSN 1556-4487

Glenbrook's Consulting Services

  • Innovation and Strategy
  • Payments Product Development
  • Payments Market Assessments
  • Payments Vendor Selection
  • Merchant Payments Optimization
  • Payments Risk Management
  •  
  • To discuss how Glenbrook can
    help you
    , email us:

Glenbrook's Payments Education

  • Payments Boot Camp
  • Emerging Payments Roundtables
  • Special Focus Workshops
  • Private Payments Workshops
  •  
  •  
  •  
  • For more information on Glenbrook's payments education, email us:

Tools for Payments Professionals

  • Glenbrook Writings
  • Payments News
  • Payments Jobs
  • Payments Education
  • Payments Bookstore
  • Payments Glossary
  •  
  • To send us news that you'd like us to cover on Payments News, email us:

Contacts:                        
Compilation Copyright © 2002 - 2008 Glenbrook Partners LLC. All Rights Reserved.
Terms of Use        Privacy Policy        RSS Feed        Payments News RSS Feed

Subscribe to Payments News