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Payday Lending

Payday Loans: The Worst Abuse Is Not Regulated

Jack M. Guttentag | Posted 04.20.2016 | Business
Jack M. Guttentag

The internet is a cost-effective way of identifying and soliciting potential clients for payday loans. Potentially, it could also be a way to regulate the worst abuse of payday lending.

Obama Endorses Debbie Wasserman Schultz's Bid For Re-Election

The Huffington Post | Amanda Terkel | Posted 03.28.2016 | Politics

President Barack Obama on Monday threw his support behind Rep. Debbie Wasserman Schultz (D-Fla.), who is facing a progressive competitor in her first ...

Reverse Robin Hood: Six Billion Dollar Businesses Preying on Poor People

Bill Quigley | Posted 03.07.2016 | Business
Bill Quigley

These businesses target families with incomes below $35,000, and people of color are three times more likely to receive abusive loans than whites. People with blemished credit are often passed over when seeking jobs.

Friday Talking Points -- Is Trump Bigger Than Liam Neeson?

Chris Weigant | Posted 03.04.2016 | Politics
Chris Weigant

A nationally-televised presidential debate stage is, indeed, neither the time nor the place, one would think. This year, however, all the rules have been thrown out and we've got Donald Trump and Marco Rubio comparing relative penis sizes in their effort to become the so-called leader of the free world.

DNC Chair Joins GOP Attack On Elizabeth Warren's Agency

The Huffington Post | Zach Carter | Posted 03.10.2016 | Politics

WASHINGTON -- Payday lenders have been gunning for the Consumer Financial Protection Bureau since the day President Barack Obama tapped Elizabeth Warr...

Watch This Congressman Plagiarize A Lobbyist On Payday Loans

The Huffington Post | Zach Carter | Posted 02.18.2016 | Politics

WASHINGTON -- Good lawmakers borrow, great lawmakers steal. Rep. David Scott (D-Ga.) is a great lawmaker. At a House Financial Services Committee hear...

Hot Take: If We Crack Down On Payday Lenders, The Terrorists Win

The Huffington Post | Jason Linkins | Posted 12.17.2015 | Politics

There are any number of ideas that might flow forth from the words, "in the wake of tragedies in San Bernardino and Paris." Calls to action. Expressio...

Payday Lenders Hoping for a Grand Old Party in 2016

Karl Frisch | Posted 11.12.2015 | Politics
Karl Frisch

Payday lenders spent more than $15 million during the last election to lobby and elect Members of Congress. If the CFPB comes down hard on the industry with tough new rules as is expected, you can bet they will spend even more during this election.

How to Protect the Working Poor From 300 Percent Interest Rates

Louis Hyman | Posted 10.02.2015 | Business
Louis Hyman

The payday loan is not, as GOP presidential candidate Ben Carson recently wrote, a "short-term loan secured by their next paycheck with an interest rate around 15 percent." Payday loans, which few borrowers pay off the following week, actually end up with interest rates above 300 percent.

House Democrats Joining GOP Attack On Elizabeth Warren's Agency

The Huffington Post | Zach Carter | Posted 10.01.2015 | Politics

UPDATE: After pressure from Rep. Maxine Waters (D-Calif.), Sen. Elizabeth Warren (D-Mass.) and former House Financial Services Committee Chairman Barn...

Zach Carter

Turns Out Obama Wasn't Targeting Porn, Guns, Gambling And Payday Loans After All

HuffingtonPost.com | Zach Carter | Posted 07.09.2015 | Politics

WASHINGTON -- A Justice Department investigation has cleared its consumer protection lawyers of Republican charges they engaged in a multi-agency cons...

Christina Wilkie

In America's Payday Loan Capital, Innovative Microcredit Helps Break The Debt Cycle

HuffingtonPost.com | Christina Wilkie | Posted 09.08.2015 | Politics

JACKSON, Miss. -- To drive down Ellis Avenue, just off the interstate, is to visit a paradise of easy money. Along a four-block drag of fast food join...

Zach Carter

Republicans Try To Strip Predatory Lending Protections For American Troops, Again

HuffingtonPost.com | Zach Carter | Posted 05.11.2015 | Politics

WASHINGTON -- House Republicans are again attacking measures aimed at protecting U.S. troops from predatory lending practices, two weeks after a simil...

Friday Talking Points -- Giggles the Pig For Mayor!

Chris Weigant | Posted 05.08.2015 | Politics
Chris Weigant

When it comes to the 2016 field of Republican presidential candidates, the rule of thumb this time around is obviously going to be "the more, the merrier!" The number of officially-announced Republican candidates actually doubled this week.

Texas and Other States Crack Down on Predatory Payday Lenders: What This Means for You

NextAdvisor.com | Posted 05.07.2015 | Money
NextAdvisor.com

It's no secret that the payday loan industry is rife with predatory payday lenders. Even lenders that aren't inherently predatory still often use practices which leave borrowers stuck in a seemingly endless cycle of debt. This is a big deal, considering more than 12 million people in the U.S. take advantage of payday loans every year.

Zach Carter

Republicans Already Under Fire For Voting To Block Predatory Lending Protections For Troops

HuffingtonPost.com | Zach Carter | Posted 05.04.2015 | Politics

WASHINGTON -- Last week, a host of House Republicans voted to block predatory lending protections for American soldiers. This week, the Democratic Par...

Zach Carter

Democrats Defeat GOP Plan To Block Predatory Lending Protections For Soldiers

HuffingtonPost.com | Zach Carter | Posted 04.30.2015 | Politics

WASHINGTON -- House Democrats successfully knocked down a GOP plan early Thursday morning that would have blocked predatory lending protections for Am...

Zach Carter

House Republicans Want To Block Predatory Lending Protections For American Troops

HuffingtonPost.com | Zach Carter | Posted 04.29.2015 | Politics

WASHINGTON -- House Republicans are pushing legislation to block predatory lending protections for American soldiers, under pressure from the banking ...

Payday Lending's Contrasting Cultures of Wealth and Exploitation -- and Big Data's Role

Nathan Newman | Posted 06.23.2015 | Business
Nathan Newman

Payday loans and other abusive high-interest loans targeting the working poor are one of the scourges of our financial system. And the technology of big data made it easy to both find new victims and largely hide the identities of the payday lenders.

3 Times Payday Loans Make Sense

Simple. Thrifty. Living. | Posted 06.15.2015 | Business
Simple. Thrifty. Living.

Although payday loans are a type of credit that most borrowers should avoid, there are some cases in which this type of loan is actually less costly than other alternatives.

Payday Rules Will Help Balance the Scales

Bill Bynum | Posted 05.31.2015 | Impact
Bill Bynum

Fighting predatory lenders can feel a little like taking on the 2015 Kentucky basketball team, but last week the odds for millions of underdogs across America got a lot better.

Reforming Payday Lending Practices Is One Important Way to Address Wealth Inequality

Andrea Levere | Posted 05.03.2015 | Business
Andrea Levere

The economic recovery has not benefited Americans equally. We all know that. But few facts underscore that point more clearly than the startling number of consumers whose financial futures have been put on hold by subprime credit scores.

CFPB Must Rein in Predatory Payday Lenders with Strong Regulations

NCLR Action Fund | Posted 04.13.2015 | Politics
NCLR Action Fund

Low income working families seeking to simply pay the bills confront an array of challenges these days. "Payday lenders" are taking advantage of a borrower's precarious financial state and profit from pushing low-income families deeper into debt and poverty.

Consumer Protection Agency Preps Payday Lender Crackdown

The New York Times | Posted 02.08.2015 | Politics

In the world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work aro...

Hunter Stuart

Payday Lenders Are Using The Internet To Evade State Law

HuffingtonPost.com | Hunter Stuart | Posted 01.21.2015 | Business

Borrowing from any payday lender can be a risky endeavor. Borrowing from one online can be downright perilous. The pitfalls of borrowing from sto...