Payday loans 'sucking money' from poor, say assembly members - BBC News

Companies that offer short-term loans at high interest rates have been accused of "sucking money" out of poor communities by Welsh assembly members.

The Welsh government was urged to work with councils and voluntary groups to promote alternatives to payday loans.

Assembly members expressed concern that it was becoming increasingly easy to borrow money through websites and...

Source: www.bbc.co.uk

Consumer Bureau Targets Payday Loans - Wall Street Journal

BY MAYA JACKSON RANDALL

WASHINGTON—The federal government will give payday loans "much more attention," said the newly appointed head of the Consumer Financial Protection Bureau during the agency's first field hearing.

Richard Cordray said the consumer bureau will use its powers to wipe out illegal payday lending practices—such as unauthorized debits on a person's checking...

Source: online.wsj.com

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Questions & answers

  1. munchy100blkla munchy100blkla says:
    07/14/06
    how to find a personal or payday loan that you can apply by phone and that uses no teletrack?
    loans with no teletrack
    jmatt_inc says:
    apply for a faxless pay day loan do a search for that
  2. twocute4u twocute4u says:
    12/19/06
    payday loans?
    Has anyone every gotten a payday loan and lost or misplace the name and telephone number of the payday loan company to notify them that you had to change accounts and you want to pay off your loan. Also they know that the account is close because they cannot debit that account , but they have not tried to contact you by phone, mail, or e mail for payment and it's been about 3 months since they...
    dierboy says:
    It's your lucky day. Check your credit report and if there is nothing there then forget about it. FREE $$$$$$$$$$$$$$$$$$$$$$$$$$
  3. happy 16 happy 16 says:
    10/22/07
    Payday loans?
    Does anyone out there know what could happen to you if you don't pay back a payday loan? I took out a payday loan 2 years ago and just today I got a phone call from the affidavit processor for the bank that i got the loan from and he was telling me that if i didn't pay the full amount which the original loan amount was $300 and now its $852.21 that they want back by 5:30 today that he was going...
    T says:
    Wow.....those are some hard tactics. OK, first of all they can arrest you. They can however send this through the court system and garnish your wages. Most of the loans through these places are at 200-900%, plus any fees and incidentals that are incurred in order to process the garnishment....

Google news feed

  1. San Jose Passes Ordinance Cracking Down On Payday Lenders
    12/31/69, via Huffington Post
    Lawmakers in San Jose are trying to curb store-front payday lending in the city. Not all residents of the wealthy Silicon Valley are flush with cash. Turns out payday lending -- a type of short-term, high-interest loan that can imperil a borrower's
  2. The News Journal Payday loan bill headed for debate
    12/31/69, via The News Journal
    The bill aims to limit the number of short-term loans a borrower can obtain to five $1000 loans in a 12-month period. It also would establish a database to track the number of payday loans issued annually, the total amount of interest and fees paid to
  3. Business Insider Broke 20-Somethings Are Living Off Payday Loans, Check Cashing And Prepaid ...
    12/31/69, via Business Insider
    Payday loans, check cashing and prepaid debit cards have found a new customer in the cash-strapped twentysomething. Under-banked Millennials are using alternative financial services such as these at similar rates regardless of income level,

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Google Books

  1. When Payday Loans Go Wrong
    When Payday Loans Go Wrong
    2011
    ISBN 1907728279,9781907728273
    110 pages
    'How did it ever come to this? On a cold November night I gaze out through my bedroom window to the descending mist, there is evil in the air, I can feel it tearing at my heart. My body trembles, a cold and sickening sweat drips down my forehead; my breathing is heavy and my mind erratic. My...
  2. Household credit usage
    Household credit usage
    Published by Palgrave MacMillan 2007
    ISBN 1403983925,9781403983923
    290 pages
    The field of household finance seeks to understand how households use financial instruments.& Financial economists have long studied how corporations utilize financial instruments, yet relatively little is understood about how individual consumers and households utilize various credit...
  3. Essays on consumer finance
    Essays on consumer finance
    Published by ProQuest 2012
    ISBN 0549742204,9780549742203
    87 pages
    I find no evidence that payday loans alleviate hardship. On the contrary, the results indicate that loan access leads to increased incidence of difficulty paying mortgage, rent and utilities bills; moving out of one's home due to financial troubles; and delaying needed medical care, dental care...

Bing news feed

  1. Payday.org Inaugurates New Phone Line to Expand Payday Loan Access
    05/17/12, via PR-USA.net
    Payday.org announces the addition of a new 24-hour loan application phone number designed to expand access to payday loans for applicants who prefer to speak to a real person over the phone rather than complete an online application. The new number, which ...
  2. Vonage Extends Free Calling to U.S., Canada and Puerto Rico on the Vonage Mobile® App
    05/17/12, via Yahoo Finance
    Calls made from the app from anywhere in the world to any phone in the United States , Canada or Puerto Rico will continue to be free for a limited time (1, 2). Additionally, Vonage has continually improved the Vonage Mobile app to enhance ease ...
  3. Cannes ready to sparkle
    05/17/12, via The Canberra Times
    The 65th film festival is about to begin and, as usual, there will be froth and bubbles and a selection of better films. YOU see her face everywhere in Cannes: Marilyn Monroe, mouth rounded provocatively to blow out the single large candle in the middle of ...

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