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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

Potential Backlash in New York to Proposed CFPB Federal Payday Rules

The Consumer Financial Protection Bureau (CFPB) has been granted the official powers to act as a watchdog group over the landscape of consumer financial products. The CFPB also happens to have recently released a draft of new federal rules for the payday lending industry. Some opponents of short term lending have said that the new rules are a great start in helping to regulate (some might say over-regulate) the burgeoning consumer lending industry. In New York, though, some financial experts and consumer groups are warning people to take a stand to protect their already effective consumer protection laws. Like New York, there are 13 others states along with Washington D.C. that have laws that cap the interest rates on payday loans. Opponents of payday lending in those states have said that the caps help to prevent payday lending companies from running profitable businesses. Regulators in New York have worked aggressively to stop payday lenders from getting around their laws. Some lending companies have opened operations on tribal lands, or via websites. So far, the regulators in New York have been successful in their bid to keep payday lending out of the state, for the most part. Some payday loans do get made in the state, though. Being as some state leaders seem to detest the payday lending industry, though, these exceptions to the rule are being confronted regularly. Other states, like Missouri and Wisconsin, have more relaxed stances on payday lending. In some of these states there are more payday lending locations than there are McDonald’s or Starbucks locations. The new rules that the CFPB has proposed are not supposed to preempt any existing state laws. However, there are some powerful groups of payday lenders that have made the argument for New York to roll back the state level regulations in order to be consistent with the current federal guidelines. Opponents of payday loans in New York believe that the new federal rules are not as effective as the protections already in place at the state level. These payday lending opponents have started to rile their supporters to make the… Read More

Payday Loans are the Sole Financial Lifeline for Many People

The House Committee on Financial Services recently had a hearing to discuss the Obama Administrations maneuvering and attempts to wage war on the short term lending industry. The Consumer Financial Protection Bureau (CFPB) was created because of the passing of Dodd-Frank and has been on a mission since day one to wipe out short term, small dollar lending companies. Additionally, the bureau seeks to destroy as many of the online lending choices that American consumers currently have access to. The attack on these lending industries is a clear cut case of government overreach and just another case of the government working in cahoots with the big banking industry. People who have a grasp on credit understand that higher risk borrowers are always going to pay higher interest rates/additional fees. That’s just the way it is, and that is what small dollar lenders build their businesses upon. Those who do not like the short term lending industry seem to fail to realize that without the services these companies provide, millions of people would suffer. Getting rid of short term lending might put an end to higher interest rate loans, but it would also eliminate access to credit for millions of people. Folks who need to get their cars repaired or pay for medical bills, but who are unable to get a loan at the bank would just have to do without. That is simply not an equitable equation no matter how you slice it. Though many media outlets have been in the practice of demonizing payday lenders the simple fact is that these unique lending companies provide a much-needed service to the consumers they provide loans for. And despite what the CFPB says, the states that allow these types of loans already do a good job of regulating the industry at a statewide level. Consider the story of Robert Sherrill’s experience with payday loans. He was, in a former life, a drug dealer. He did time in prison, and sought to turn his life around when he got out. Robert could not get a good job, so he decided to start… Read More

Is it a Good Idea to Take Financial Advice from the Consumer Financial Protection Bureau?

By now, just about everyone has heard of the Consumer Financial Protection Bureau (CFPB.) This bureau has been given the task to help protect United States consumers from illegal financial dealings and other misdoings. However, the CFPB has been on a bit of a roll lately. With a nearly limitless budget and the backing of the Obama administration, it seems that this agency is out to spread its influence as much as it can. Case in point – the CFPB recently put together a tool that they plan on using to help measure the financial standing of Americans. They say that they will then be able to better assist Americans with their finances. According to the head of the CFPB, Richard Cordray, “A key part of our mission is providing resources that aid and empower people to lead stable and healthy financial lives. Our financial well-being tool will give financial educators an important means by which to evaluate and support consumers’ financial health.” Earlier this month, the CFPB put out a report that defines their idea of financial well-being. This report draws on information that was obtained via consumer interviews, in-house research and consulting sessions with financial educators.  According to the report financial well-being is, “a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life.” The CFPB’s tool includes a list of 10 questions that can be used by financial educators when they are working with clients. According to the CFPB, the way that people answer these questions indicates how well off they are financially. The CFPB has created a scale that includes four essential elements that comprise financial well-being. Here are the four elements that are used in the scale: Present day financial security – This is the element that is focused on whether or not people feel like they are in control of their daily and monthly finances. Future financial security – This element is based upon how consumers feel about their ability to… Read More

The Feds Close in on Operation Choke Point

In a move that many have anticipated for quite a while, the United States Department of Justice finally took some action to investigate Operation Choke Point. It seems this investigation/debate will also involve the Federal Deposit Insurance Corporation, so financial pundits are hopeful for some swift action. The announcement provides some sense of vindication for businesses that have been treated unfairly by this initiative put in place by the Obama administration to crack down on businesses deemed unfavorable. U.S. Representative Blaine Luetkemeyer (R-Mo.) announced that both the DOJ and the FDIC have pledged to investigate the ill-conceived Operation Choke Point. This all comes in response to communications from more than 30 Congress members to the FDIC Acting Inspector, Fred Gipson, head of the DOJ office of Professional Responsibility, Robin Ashton and DOJ Inspector General, Michael Horowitz. According to Mr. Luetkemeyer, the investigation will help to determine if any regulations or federal laws were broken and if a senior FDIC official gave false intelligence to the U.S. Congress. Operation Choke Point was originally set in motion to point out any illegal activities, like identity fraud and to punish the bogus companies doing these types of things. But instead of sticking with its original mission, this initiative has been targeting businesses in over 30 industries that the government has philosophical or political disagreements with. Industries, like telemarketing, dating services, gun and ammo dealers, and payday lenders have all been unfairly singled out and almost destroyed. Rather than actually identifying and taking legal action against illegal operations or companies that have committed fraud, Operation Choke Point has instead been putting big time pressure on banks to cut off financial services to small payday lenders and other legitimate businesses. These kinds of attacks on legitimate businesses actually threaten the people that the government and its regulating bodies are sworn to provide protection for. For example, the typical payday lending customer earns about $30,000 to $50,000 a year. These folks have not been able to get financial services from traditional banks or credit unions and depend on payday lenders and other small lending companies. These… 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

What To Do When Unexpected Emergencies Occur

Sometimes in life you have Unexpected Emergencies come up that there is nothing you can do to control. These types of emergencies can be stressful and cause quite the head ache especially if you don’t have the cash to pay for the emergency. It is in times like this when it is nice to be able to go get a Payday Loan. There are all types of emergencies where it is necessary to get Cash Loans. Cash Loans: One example of a reason to get a pay day loan is car troubles. Car repairs can be quite pricey but you also have to get them fixed as soon as possible. Otherwise you have no way to and from work and other places as well. With a cash loan you can get the money you need no matter what day of the week and get your car fixed immediately. This is great so then you can get to and from work and pay off your payday loan when you get the cash. Many payday loan businesses also allow you to make payments so you are not overwhelmed. Unexpected Bills: Another reason you may need to take a payday loan is if you have Unexpected Bills come up. It would be bad for these bills to go past due and get sent to collections. If this occurs it could negatively affect your credit and cause you trouble when you go to buy a house or car or apply for any other type of loan. When you get a payday loan you can pay off the bill that is due on time and then have the extra time to come up with the cash to pay for the loan you received. Unexpected Sales: Sometimes personal things come up that you cannot just let pass by. Maybe a friend of yours has a TV for sale for an amazing price that you cannot pass up and you know it will be sold quickly. Unexpected Sales like this are also a common reason for taking out a payday loan. You are able to snatch up… Read More

Borrowing Money for Unexpected Emergencies

Most people experience a variety of Unexpected Emergencies, such as natural disasters, unemployment, Unexpected Bills, Unexpected Sales, and medical bills. It helps to be prepared in advance and have the money to cover all of your expenses. Unfortunately, some people are not prepared and may need to borrow money. A Payday Loan is a short term loan that is usually paid back by the next pay period. These types of companies allow customers to borrow from $100 to $2000. The amount can vary depending on the company and your income. Car Repairs Most people use their vehicle for getting to work and around town. It is important that your vehicle get proper maintenance, such oil changes and new tires. Repairs are expensive when a vehicle breakdown. The problem unusually occurs when you are low on money. It is the responsibility of a driver to always keep money on hand for repairs and gas. Natural Disasters If a hurricane is going to cause major damage in your city, then there is the possibility of having to evacuate the area. Bad weather occurs at the spur of a moment. If a hurricane is coming, then people have from four days to a week to prepare for the storm. It takes money for food, gas and hotel expenses. Medical Bills Families with children are always incurring medical bills. Children are clumsy and always getting into something. For example, if your child breaks her arm, then you are going to have to pay for medical bills. Families with insurance have to pay a portion of their medical bills. If you do not have insurance at all, then you have to pay the entire bill. Most people have to borrow money when faced with an emergency without extra funds. You can borrow money from friends, coworkers or family members. Borrowing from people in your personal circle let them know you are having financial problems. Some people have a problem with talking and will tell other people about loaning you money. On the other hand, family members can also be struggling and do not have the… Read More

Being Smart When Getting A Advance Payday Cash Loan

It doesn’t take much to put you into a situation where you are wondering how you are going to pay your monthly bills. While you may try and take the time to put together a monthly budget and follow it as much as possible, when you end up dealing with Unexpected Emergencies and Unexpected Bills during the month, you may find yourself in a situation where you just don’t have the money that you need to pay of what you owe. As much as you like to plan out life, it doesn’t always follow plans, and a car repair bill or a trip to the emergency room can put your finances in trouble. When you are trying to right the ship, so to say, and pay off the bills that need to get in, you are going to want to look into getting an Advance Payday Cash loan. There is no reason to take on a riskier loan, especially if you know you are going to have the money you need in your next paycheck. One of the biggest benefits of a payday loan is the fact that one can get the exact amount of money that they need to pay off a bill. Typically, a Payday Loan will have a minimum of $50 and a maximum of $2500, with a person being able to get the exact amount of money that they need in order to pay off a bill. One of the biggest mistakes that a person can make when it comes to trying to find a way to get the money that they need from a loan. While it is nice to get a little extra money when you need it, when it comes in the package of a high-risk loan, well, it isn’t free, you are actually going to end up paying more money for it down the line. If you need $100 to pay off your phone bill on time, you want to make sure that you get a loan for $100. When looking to get Cash Loans, it is important to not just be able… 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