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Under Cash Advance Loan Agreement, Fourth Circuit Rejects Arbitration Request Again

The Fourth Circuit confirmed the refusal to compel arbitration under the terms of cash advance loan agreement by the Middle District of North Carolina on 10th May, 2017. In Dillon v/s BMO Harris Bank, N.A., BMO Harris tried to force arbitration pursuant to reach an agreement that would need the arbitrator to adopt the law of the Otoe-Missouri tribe to the exclusion of both the federal and state law. The Fourth Circuit said that the arbitration clause at issue was not enforceable because it was a potential waiver of the federal law rights of a borrower. The decision of the Fourth Circuit affirms and extends a trend in the Fourth, as well as, Eleventh Circuits of declining such tribal-law arbitration provisions in cases of payday loans. In Dillon, the plaintiff had entered upon a payday loan agreement in December 2012 with Great Plains Lending LLC. According to the agreement, he had agreed to let Great Plains withdraw payments from his bank account, via ACH (the Automated Clearing House) system. Op. at 4. Furthermore, he had agreed to arbitrate any kind of claims that he might have in connection to the agreement as subject to ‘the law of the Otoe-Missouri Tribe of Indians.’ Op. at 10. The agreement also specified that neither the Lender nor this Agreement is subject to the laws of any states in the United States of America. It also stated that no federal or state law and regulations will apply to this Agreement. Op. at 10-11. Ultimately, the plaintiff sued BMO Harris and alleged that violations of the federal RICO (Racketeer Influenced and Corrupt Practices Act). Depending on the terms mentioned in the agreement, BMO Harries tried to compel arbitration. However, the request was rejected by the Middle District of North Carolina. Confirming the decision of the District Court, the Fourth Circuit looked forward to the precedent of the Supreme Court and the recent decision on Hayes v/s Delbert Services Corp. The court had first recognized the really strong federal policy that was favoring arbitration, but described that conventional principles of contract interpretation apply to the agreements… Read More

Craving for Obscurity and Ways of Making It a Reality on the Internet Platform

Although being present in the world of internet has become a necessity nowadays, craving for obscurity is something that almost all of us have experienced at some point. But with the advent of major websites collecting and selling data, this desire of ours may be left unfulfilled. What’s worse is that everything that we search for – our medical history, the movies we like, the movies we dislike, the songs we listen to, the books we read, the news we like reading and even the people we follow or talk with over various platforms – every little intricate detail about our personality is up for grabs on the internet. A scary scenario, right? Well, although we may be deep into this vicious pit of risking our privacy, there are some ways to make this situation better if you are indeed looking to go off the face of the internet. Here are some ways to remove yourself from people search sites: Delete All Accounts That You Have Created On Any Website The first thing that you need to do in order to be completely unsearchable is to get rid of all your social media and web service accounts. Think about every social media website or any general website where you have an account. Do not focus only on the big fishes – Facebook, Twitter, Instagram all of these are the popular ones which will surely come to your mind at first. Deleting them is important, but you also need to focus on every other website you have ever signed up for. Here are some steps that may help you – Most websites that have sign-up facility also send emails, so check your emails for the names of these websites. Make a list. Try to remember the ones that do not make the list. Thoroughly go through your history. After making a complete list, visit these websites one by one. To get your freedom from these accounts, go to the account settings page of these websites and search for the option to deactivate or delete your account. If you have any difficulty… Read More

Stepping up to the Plate for Small Payday Advance Loan Companies

As the final days wound down for the Obama administration, it was made crystal clear that the former POTUS wanted to effectively nationalize small dollar, short term loans. In fact, Obama clearly intended for this proposed lending nationalization to be a part of his legacy. However, the measures that the former administration took to effect this lending change could cause big problems for payday advance loan providers. Back in June of 2016, the efforts to hamstring small payday advance loan companies began to become clearer. That is when the Consumer Financial Protection Bureau (CFPB) released the Small Dollar Lending Rule. This rule was clearly set up to cause serious problems for payday advance loan companies. It laid out rules that would “clean up” the short term lending industry. This rule forces payday advance loan lenders to put serious efforts into determining if their customers will be able to repay their loans; like these lending companies weren’t already doing so… Most payday advance loan providers have accepted the fact that this rule is going to take effect. However, many lenders in this industry are asking for is that they not be forced to put in more effort to prove the financial fitness of their clients than lenders who provide mortgages, car loans and other large loans do as part of their loan application process. In other words, payday advance loan companies shouldn’t have to put more effort into providing smaller loans that the big loan companies do. Many industry experts believe that if the proposed rule goes through that it will eliminate 60 to 75 percent of payday advance loan locations. In fact, lending companies have indicated that they would walk away from this industry if the proposal goes through as it was originally written. There are already rules in place that stop big banks from dabbling in the short term lending market. Essentially what you have is a scenario where small payday advance loan companies are squeezed out of the industry, while big banks are blocked from offering small dollar loans. This would effectively allow supporters of Obama’s vision to… Read More

Helping the Majority of Americans who are Dealing with Financial Hard Times

A recent study conducted by the Center for Financial Services Innovation (CFSI) has revealed the ugly truth about just how much people all around the United States are suffering from financial woes. It might be easy to think that the only people having hard financial times are the homeless, or even the extremely poor. The truth that this study revealed, however, is that a whopping 57 percent of American adults are dealing with very real financial difficulties. The study was performed in order to get a current “health check” on the financial state of affairs for people in America. The hope is that by understanding the current situation, steps can be taken to help improve financial outcomes for households in the U.S. Different demographic groups face various financial challenges, but the end goal that everyone needs to get behind is finding a way to help everyone improve their financial outcomes, if possible. In response to the recent study, Aliza Gutman, the director of the CFSI and leader of the study, had some interesting insights to share in a recent interview. Gutman is in a unique position of being able to interpret the data that was used in the study and making it easy to understand for anyone interested in this topic. When asked about the significance of the study, and how it differs from previous, related studies Gutman said, “The Consumer Financial Health Study consists of a nationwide survey and consumer segmentation. We surveyed over 7,000 adults from across the United States and across the income spectrum, asking about financial behaviors, attitudes, preferences and product use. Consumers with annual incomes under $50,000 were over-sampled to provide a robust set of data on consumers in the lower half of the income distribution. However, since we aimed to understand the financial health of the entire country, we weighted the data back to the total U.S. population to report findings that are nationally representative.” There are seven consumer segments that were identified by the study. These seven segments were put into one of three categories: healthy, coping and vulnerable. The healthy segments seem… Read More

Studies Reveal Real World Benefits of Payday Loans

It is no secret that there are lots of folks and organizations out there that like to drag the payday lending industry through the mud whenever they get the chance. Things have become so bad for some alternative financial providers that some lenders have been forced to close up shop because of some heavy pressure from government initiatives, like Operation Choke Point. It appears, however, that there is some very real proof that there are indeed benefits to payday loans that some people don’t want other folks to know about. Two new studies on the payday lending industry cast a new, more positive light on the industry as a whole. A Law Professor from Columbia, Ronald Mann, came to some very interesting conclusions in his most recent study. Here’s just a little bit of what Professor Mann’s study revealed about the short term lending industry: The study proved that credit ratings changes for people who default on payday loans are not all that much different from the credit score changes that responsible borrowers have. The decline in credit score in the year that a borrower defaults greatly exaggerates the final effect of the actual loan default. This is because the credit scores for folks who default on their loans typically experience very large increases for more than 24 months after the year that they defaulted on their loans. In other words, the payday loan default is not to blame as the ultimate cause for certain borrowers’ financial problems. This is usually because the borrowers who do not pay their payday loans back usually have dealt with other financial problems in the past that caused their credit scores to decrease. This all goes on to suggest that defaulting on a payday loan plays a very small part in the complete timeline of distress that default borrowers experience. It is hard to bring all of this into line with the improvements that the improvements to borrowers’ financial situations come from the ‘ability to repay’ requirements that are factored into every payday loan that is provided by short term lending companies. In a… Read More

Create a Realistic Budget

Saving money is an important thing to everyone. One thing that will make it easier to save money is to have a budget. A budget must be realistic in order to work. It can be somewhat overwhelming to create a budget that is practical. It does not need to be overwhelming though; there are some things that you can do to help you to make creating a budget easier. Everyone’s budget will be different; there is no formula to make a budget that works for everyone. A budget is a personal thing that is meant to help you to save money and not overspend. There are default templates for budget, these are good and all, but do not assume that you can just use that. A default template for a budget is a good starting point, but you have to adapt it to make it work for you. You need to have realistic expectations for your budget. You need to make sure that you are putting an appropriate amount in each category you have. You need to make sure that you have accurate income projections as well as realistic spending amounts. You may want to try to save in a hurry and therefore put a small amount in any given category but if you actually need more than that amount you will not have a realistic budget and it will not work. One thing that cannot be overlooked is that you need to regularly review your budget. This is an important step in the budget making process. You should review your budget every month when you first create it. That way you can adjust anything that you need to. After you spent a few months without needing to adjust it you can wait a couple months to review it again. You must review your budget every so often so that you can adjust what you need to in order to get your budget where it needs to be. A budget will help you to track your spending patterns. This means that you can see where you spend money and where… Read More

Getting The Financial Relief You Need

When you are dealing with a financial emergency, you are dealing with a situation that you want to get rectified as quickly as possible. Even if you are one of those things that likes, out of a bad habit, to put off making major decisions, when you are dealing with an issue with your finances, you need to make sure that you make a quick decision on what you are going to do to get it taken care of. Of course, just because you want to move quickly on making a decision does not mean that you want to make an uninformed decision. When you are looking for Financial Relief, it is vital that you make a decision that is going to benefit you in the long-term. While you may make a decision that rectifies the situation in as little as a couple of days, you need to recognize that you will be dealing with said situation for a good amount of time. If you owe a small amount of money on a bill, but financial obligations have left money at a premium, you may want to consider taking out a payday loan. If you know that you are going to have money to pay the bill, in full, with your next paycheck, getting your check paid on time is vitally important, especially if it is one that has a large late fee attached to it. With a payday loan, you can get the exact amount of money you need, and you can get it fast. Don’t Make A Habit Of Them Payday loans are there when you need a small amount of Financial Relief after a particularly bad financial month. If you had to spend money on a car repair, or a trip to the emergency room, there is a pretty good chance that you may need a little bit of extra money to make sure that you pay your bills on time. You won’t get thousands of dollars with a payday loan, which is kind of the point of what makes it so beneficial for people. You don’t… Read More

Getting The Most From A Loan

When you are facing a challenging financial time, a payday loan might be an option for you. When you need an exact amount of money to pay off a bill that you have due before your next paycheck, a payday loan is an option that should work best for you. One of the best things about fast payday loans online is the fact that you can get the exact amount of money you want, meaning that you don’t’ have to take on extra money. There is no such thing as “free money” when it comes to loans; every cent that you get needs to get paid back, typically with fees attached to it. With that in mind, when you need $100 fast to pay off a bill, you don’t want to take $500, you want the exact amount. This is not to say that there is no risk involved in a payday loan (there is always risk involved, no matter what loan you are looking to get), it just means that, if you are smart about what you do, there isn’t much that you have to worry about. As long as you pay the loan back with a portion of your next paycheck, you can be sure that you won’t have to deal with the penalties that are usually attached to the loan. Don’t rush into the loan, makes sure that you get all of the info that you need by taking a look online, or by visiting a professional who can help you with getting Financial Relief. Finances are stressful. More than just about anything else in your life, finances are the thing that is going to keep you up at night. It isn’t just the fear of what you are facing today, it is also the fear of what could come tomorrow. Part of being a “grown up” is understanding how to deal with your finances, and the best piece of advice that you can get it to stay “realistic” with them. If you need to stop spending so much money on entertainment and eating out, you need to… Read More

Financial Tips for Properly Managing Money

Proper money management is essential when it comes to Unexpected Emergencies. Most people never had a class in school on basic financial skills. This result in having little savings and letting bills accumulate. If you do not have extra money for a car repair or Unexpected Bills, then you can take out a Payday Loan. It helps to follow Financial Tips and become smarter about managing your money. A personal budget helps with tracking with what you are earning and spending each month. It allows you to track where all of your money goes and shows where you need to decrease spending in some areas, which allows for putting more money towards savings. It also helps to make financial goals. Setting Financial Goals Most people understand it is good to save money. On the other hand, it can be hard to save when your income is already spent. Financial goals are a good start at saving more money and overcoming debt. An emergency cash fund is essential for anyone with a family and children because an emergency can happen at any time. This approach helps with practicing discipline when it comes to managing your money. Practicing Good Habits You can set aside some of your budget to go towards your financial goals instead of spending. It helps to get in the habit of investing or saving first before thinking about spending. Practicing good habits are an important aspect of good money management skills. Understand how Investments Work Many people face financial problems because of not fully understanding what they are getting into. It is important to understand how investments, stocks, car loans, and credit cards work before putting any money into the financial product. If you are interested in investing in stocks, then you should not invest money based on a tip from a friend. Before investing any money, it helps to read about the subject first and find out how it works. Sometimes Cash Loans are the only option when needing extra money. It is important to understand how a cash advance works and pay the money back on… Read More

Reasons For Advance Payday Cash

When you have Unexpected Bills to pay off after Unexpected Emergencies come your way, it is important to know what your options are in terms of getting the money you need to pay off your monthly bills. While you may have a monthly budget, most of that budget could quickly go to paying off the amount that you owe after an emergency. With this in mind, the regular bills that you have, such as your car insurance, phone bill and cable bill could be in big jeopardy. While you may consider just not paying a bill for a month or so, you will quickly find that doing this could end up setting you back financially anymore. If you need money for the bills that you have, a Advance Payday Cash loan could be the best option for you. A Payday Loan will help you get the exact amount of money that you need to pay off your bills, using your next paycheck as collateral. While there are dozens of reasons why you may find yourself in this type of situation, there are common occurrences that can leave you needing Cash Loans. Here are four such reasons why you may have to start looking for a loan: 1. Car Repairs Whether a car repair is expected, or it comes out of nowhere, you are still going to be left with paying a lot of money in terms of what you owe. While it is nice to think that you can put enough money away to keep you on schedule when you need these repairs, sometimes they can overwhelm your finances, and facilitate the need for a payday loan. 2. A Trip To The Emergency Room Even if you have a good insurance plan, a trip to the emergency room can still cost you quite a bit out of pocket. It’s even worse if you have to stay the night in an emergency room. It can give put your finances in array. 3. An Unexpected Bill You Didn’t Know You Had To Pay The second you think you have everything financially figured… Read More