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Payday Loans

Here's The Dodgy Payday Lender Behind That 'Grassroots' White House Petition

The Huffington Post | Zach Carter | Posted 11.19.2015 | Politics

WASHINGTON -- Every good idea in American politics eventually becomes a vehicle for corporate lobbying. When the Obama administration unveiled its "W...

For America's Unbanked: Re-establishing the Postal Savings Bank

Ralph Nader | Posted 11.13.2015 | Politics
Ralph Nader

Tens of millions of Americans do not have a bank account. As a result, many of these Americans spend a reported $89 billion annually in interest and fees by using predatory services such as payday loan and check cashing services.

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 Bernie Sanders Plans to Transform the Postal Service and Help Millions in Poverty

Michael Sainato | Posted 11.03.2015 | Politics
Michael Sainato

Millions of low-income Americans depend on check cashing institutions, pawn shops, and payday loans to fulfill much of their banking needs. These places are notorious for ripping people off and serves as one of the countless barriers that keep poor people impoverished.

Payday Loan Industry Admits 'Very Few' Borrowers Repay Their Loans

The Huffington Post | Ben Walsh | Posted 11.02.2015 | Politics

Payday lenders make money by giving people loans they can’t pay back. That fact has been apparent for years. A 2009 study from the Center for R...

Pro-Payday Loan Study Paid For And Edited By The Payday Loan Industry

The Huffington Post | Ben Walsh | Posted 11.02.2015 | Politics

The payday loan industry was involved in almost every aspect of a pro-industry academic study, according to emails and other documents reviewed by The...

False Choice and the Unfortunate Reality of Payday Lending

Yee Lee | Posted 10.20.2015 | Technology
Yee Lee

In the latest consumer complaints snapshot, a monthly report detailing consumer sentiments across all credit products, the CFPB observed a 12 percent decrease in the number of payday lending complaints.

Don't Put Privatizer and Payday Lender Lobbyist on the USPS Board

Dave Johnson | Posted 10.05.2015 | Business
Dave Johnson

At a time when people are proposing that the USPS reinstate public banking -- a service that would help millions of Americans -- Barnett is clearly the wrong choice for the USPS Board.

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...

Stopping Structured Settlement Predators for Good This Time

Don McNay | Posted 09.02.2015 | Business
Don McNay

No matter how much you want to protect the privacy of someone receiving a structured settlement, someone else with a fancy computer or data mining program is going to find them and make them an offer to buy their payments.

Payday Lender Blocked Access To Customer Accounts, Lawsuit Claims

The Huffington Post | Ben Walsh | Posted 08.06.2015 | Business

  Online payday lender Plain Green allegedly blocked borrowers from accessing their accounts or viewing their loan documentation, leaving borrow...

Predatory Lender or 'Premier' Chain of Career Colleges?

Kyle McCarthy | Posted 07.17.2015 | College
Kyle McCarthy

Recently, Arne Duncan, U.S. Secretary of Education, and Under Secretary Ted Mitchell held a conference call discussing the Department's plans for debt relief for Corinthian College students as well as to discuss holding other predatory schools accountable.

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...

Small Business Loans: Options Along the Alternative Financing Spectrum

Gina Harman | Posted 07.07.2015 | Business
Gina Harman

Small businesses, startups, and the self-employed have never had the easiest time getting financing, but most experts agree it became downright difficult following the housing bubble burst of 2007 to 2008.

Immediate Costs of Predatory Financial Practices Are Steep, But They Are Just the Tip of the Iceberg

Michael Calhoun | Posted 07.02.2015 | Politics
Michael Calhoun

As the 2016 presidential campaign kicks off, the economy is growing and Americans are getting back to work. However, for far too many people plotting a course from the working class to the middle class requires navigating dangerous waters filled with financial icebergs.

Ben Walsh

Outlawed By The States, Payday Lenders Take Refuge On Reservations | Ben Walsh | Posted 09.08.2015 | Business

The Chippewa Cree reservation in Montana (Thom Bridge/Bridge Photographics) Ken Rees had a problem. For years, his company, Think Cash, had m...

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...

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 ...

House Launches Attack on Servicemember Lending Protections

Ed Mierzwinski | Posted 06.28.2015 | Politics
Ed Mierzwinski

Only in Washington would some politicians even consider a calculus that places the demands of special interests above the compelling needs of both the nation's military preparedness and the well-being of the nation's defenders themselves.

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.