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Payday Lenders

Making Banking Work for Everyone

Keith Mestrich | Posted 04.18.2014 | Money
Keith Mestrich

Some of the most important pathways to middle class American life become out of reach when one has little or no credit history. Buying a car or house, or sending a child to college can become close to impossible.

A Fresh Reminder To Never, Ever Take Out A Payday Loan

The Huffington Post | Ben Hallman | Posted 03.27.2014 | Business

There's never been much question as to whether taking out a payday loan is a sound financial decision. The short-term loans come with extremely high i...

Directly Destroying Democracy

Leo W. Gerard | Posted 03.24.2014 | Politics
Leo W. Gerard

The rich can buy more of everything. More food. More cars. More houses. More vacations. More boats. But for a democracy to function properly, they should be forbidden from buying more votes.

How to Turn the Payday Lending Anchor Into a Lifeline

Debbie Matz | Posted 03.08.2014 | Business
Debbie Matz

To see a television advertisement for a business offering payday loans is to see payday loans advertised as a lifeline: a way for a financially strapped family to cover an unexpected expense. But that's not actually how most payday loans are used.

Payday Lender Figures Out Sketchy Way To Dodge Law

ProPublica | Paul Kiel | Posted 09.04.2013 | Business

Alarmed by the explosion of high-cost lending in the state, cities across Texas have passed ordinances to prevent the cycle of debt that short-term, h...

Six Federal Agencies Are Investigating Online Payday Lenders

The Center for Public Integrity | Posted 10.08.2013 | Business
The Center for Public Integrity

The Justice Department and the Consumer Financial Protection Bureau have sent civil subpoenas to dozens of financial companies, including the online lenders, many of which are located on Indian reservations to avoid complying with consumer protection laws.

How Payday Lenders Bounce Back When States Crack Down

ProPublica | Paul Kiel | Posted 08.07.2013 | Business

A version of this story was co-published with the St. Louis Post-Dispatch.In 2008, payday lenders suffered a major defeat when the Ohio legislature ba...

Mark Gongloff

Big Banks Charging 300 Percent Interest

HuffingtonPost.com | Mark Gongloff | Posted 03.22.2013 | Business

Step aside, Tony Soprano: Big banks will now lend money at 300 percent interest without threatening to break a leg. Then again, the payday loans so...

JPMorgan Takes Payday Lenders To Task

AP | CHRISTINA REXRODE | Posted 03.20.2013 | Business

NEW YORK -- JPMorgan Chase said Wednesday that it will take steps to protect its customers from fees and other charges that payday lenders may slap on...

Catherine New

Dollar-Stretching Gets New Workout As Fiscal Cliff Approaches

HuffingtonPost.com | Catherine New | Posted 10.11.2012 | Money

Kids don't understand adult phrases like "fiscal cliff." What they understand is that mom says no extra milk on the cereal or no second helpings of me...

Payday Lenders Know You Gotta Spend Money To Make Money

The Huffington Post | Alexander Eichler | Posted 04.20.2012 | Business

Consumer advocates in Washington have pledged to battle payday lenders, the quick-cash loan shops that often charge ruinously high interest rates to p...

Report: Wells Fargo Extends Loans With Extremely High Interest Rates

The Huffington Post | Bonnie Kavoussi | Posted 04.17.2012 | Business

Big banks are participating in a practice commonly associated with the use of big signs to lure vulnerable Americans. Wells Fargo, the country's b...

Watchdog To Propose New Rules That Could Save Homes

AP | DEREK KRAVITZ | Posted 06.10.2012 | Business

WASHINGTON — The federal government proposed new rules on Tuesday that will give homeowners more ways to avoid foreclosure and get an accurate a...

This Sneaky Trick Doesn't Work Anymore For Payday Lenders

The Huffington Post | Alexander Eichler | Posted 04.24.2012 | Business

Lately, payday lenders have been linking up with Native American tribes as a way to sidestep U.S. law. Federal authorities seem less and less willi...

Americans Got A Little Bit Less Angry At Banks Last Year

Reuters | Posted 05.01.2012 | Business

* Complaints against banks drop 30 pct-BBB * Payday lender complaints rise * Banks facing new restrictions on consumer p...

Alabama's Largest City Looks For Alternatives To Payday Lenders

The Huffington Post | Alexander Eichler | Posted 02.10.2012 | Business

The biggest city in Alabama is putting its payday lenders on notice. Bankers and community leaders in Birmingham, Alabama met Thursday to discuss d...

Alexander Eichler

Almost Half Of U.S. Households Live One Crisis From Poverty, Study Says

HuffingtonPost.com | Alexander Eichler | Posted 01.31.2012 | Business

What does it mean to be poor? If it means living at or below the poverty line, then 15 percent of Americans -- some 46 million people -- qualify. B...

Ben Hallman

New Consumer Cop Picks First Fight With Big Banks

HuffingtonPost.com | Ben Hallman | Posted 01.20.2012 | Business

Picking his first public fight with the banking industry, Washington's top consumer cop, Richard Cordray, promised on Thursday that his examiners will...

Ben Hallman

With Obama Appointment, Jeopardy Champ Takes On Payday Lenders

HuffingtonPost.com | Ben Hallman | Posted 01.04.2012 | Business

The new government agency tasked with looking after the best financial interests of ordinary consumers finally has a leader. President Barack Obam...

Catherine New

Fee-Dependent Prepaid Card Maker Moves Into Banking

HuffingtonPost.com | Catherine New | Posted 11.29.2011 | Business

In the latest signal that the economic crisis has fundamentally changed the way Americans handle their money, the largest provider of prepaid debit ca...

Legalized Loan Sharks

Don McNay | Posted 09.28.2011 | Business
Don McNay

"Financial reform" is a boon for people in the payday loan business. When people fall out of the world of traditional banking, they are still going to need bank-like services. Payday lenders will be in position to fill the gap.

Banks Increasingly Use Payday Loans Despite Crackdown On Predatory Lending

The Huffington Post | Alexander Eichler | Posted 09.21.2011 | Business

Two years after the recession officially ended and one year after the creation of a landmark financial law meant to prevent another financial crisis, ...

Struggling Americans Avoiding All But Essential Items At Dollar Stores

The Huffington Post | Harry Bradford | Posted 09.11.2011 | Business

Some Americans have become concerned enough about their finances that even a spending spree at the local dollar store now seems excessive. Followi...

Payday Lenders, Pawn Shops Benefit As America's Economy Sputters

Associated Press | Bernard Condon | Posted 09.09.2011 | Business

NEW YORK (AP) -- As the jobless rate inches up and the economic recovery sputters, investors looking for a few good stocks may want to follow the mone...

Why Are So Many Democrats Taking Campaign Contributions From Predatory Lenders?

Yashar Ali | Posted 07.09.2011 | Politics
Yashar Ali

If you heard an elected official that you are supporting was accepting campaign contributions from tobacco companies, would you stop supporting them? ...