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Payday Lending

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 Chair...

Zach Carter

Turns Out Obama Wasn't Targeting Porn, Guns, Gambling And Payday Loans After All | 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 | 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 | 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 | Posted 05.07.2015 | Money

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 | 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 | 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 | 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 | 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...

Feds To Write New Rules For Payday Loans

Reuters | Posted 03.07.2015 | Business

NEW YORK, Jan 4 (Reuters) - A U.S. regulator focused on consumer protection is planning the first federal regulations ever for lenders that make sma...

Ben Walsh

Texas Is Throwing People In Jail For Failing To Pay Back Predatory Loans | Ben Walsh | Posted 12.29.2014 | Business

Texas has a problem: it keeps putting people in jail for borrowing money. At least six people were jailed in the state over the past two years because they owed money on payday loans.

Payday Loans and the Rise of Vampire Capitalism

Ethan Rabidoux | Posted 02.15.2015 | Business
Ethan Rabidoux

Payday loan companies have managed to fly beneath the radar of public scrutiny for far too long. I suspect it's because their victims are the weakest among us who don't have a voice.

Credit Unions Can Help Ward Off Payday Lenders

Henry A. J. Ramos | Posted 02.07.2015 | Politics
Henry A. J. Ramos

Many consumers who can afford loans are denied the services they need and left in the hands of predatory lenders. Credit unions, as nonprofits with a commitment to their communities, are the right ones to bridge the divide.

How To Avoid The Payday Loan Debt Cycle | Posted 11.30.2014 | Money

The premise is simple: borrow the amount you need plus a fee per $100 borrowed now, pay it back when your next paycheck arrives. Unfortunately, what often ends up happening is that the borrower can't pay back the amount borrowed within 14 days.

Zach Carter

House Republicans Are Trying To Make Money Laundering A Lot Easier | Zach Carter | Posted 09.19.2014 | Politics

WASHINGTON -- House Republicans are agitating to dramatically curb federal bank regulators' ability to combat money laundering, calling for changes in...

Like Payday Loans, Lawsuit Loans Increasingly Coming Under Fire

Sara Warner | Posted 10.20.2014 | Politics
Sara Warner

With civil courts underfunded and litigation increasing, even simple cases are going to take years and years to attain their day in court. And the structure of these loans become truly predatory as the cases linger.

Zach Carter

Darrell Issa's Latest Circus Has Lawmakers Shocked That DOJ Fights Fraud | Zach Carter | Posted 07.15.2014 | Politics

WASHINGTON -- On Tuesday, Republicans on the House Financial Services Committee took up Rep. Darrell Issa's crusade against the Department of Justice'...