Category Archives: Uncategorized

California Still Golden for Payday Lenders

Payday lenders have dodged a bullet in California. But consumer advocates vow to renew their efforts next year in the Golden State, after failing to convince lawmakers this time around to crack down on an industry that has grown to roughly 2,000 facilities statewide since a state law legalized the loans three years ago. This… Read More »

PAYDAY LENDERS CALLED SHARKS

Cash-strapped consumers are paying “loan-shark” interest rates to some Florida check-cashing businesses that offer payday loans, two advocacy groups charged Tuesday. Borrowers may wind up paying the equivalent of more than 300 percent interest for those short-term cash advances, according to the Florida Public Interest Research Group and the Consumer Federation of America. But Pam… Read More »

LAWS WON’T CURE ILLS OF DEBT

A phenomenon of the changing banking and personal finance business has been the rise of so-called “payday loan” companies, which offer consumers a convenient yet competitive way to meet their short-term cash needs. These aren’t “loan sharks” or fly-by-nighters, but finance companies that are serving a niche market largely abandoned by banks and larger lenders.… Read More »

Salt Lake City Survey Finds Tactics of Some Lenders Questionable

A University of Utah law student’s random survey of check-cashing centers in the Salt Lake area found that a majority don’t fully comply with state and federal disclosure laws designed to protect consumers from unfair lending practices. These “payday lenders,” which cash paychecks for individuals with poor credit and loan money on post-dated checks, are… Read More »

Group assails payday lenders

Consumer groups criticize payday loan operations for their interest rates and collection practices. Eric Norrington sees himself as one of the good guys. And while he’s not in the charity business, Norrington thinks his company helps thousands of people across the country every week. “We provide a great product for consumers who don’t happen to… Read More »

Florida Regulators Keep Wary Eye on Short-Term Loan Specialists

Five hundred percent interest rates, and higher, are fueling a lucrative and controversial new financial service: one-week loans to desperate people with steady jobs and bad credit. Check-cashing companies have found a profitable sideline cashing postdated personal checks for hefty fees. Other companies have sprung up to do nothing but make short-term cash advances, also… Read More »

Agencies Spruce Up Their Debt Collection Systems

Uncle Sam isn’t fooling around any more with delinquent debts, and he is using automated tools to get the word out and the cash in. In the past few years the Reagan administration has begun to cast off the federal government’s old image as a spineless supplier of loans that need not be repaid and… Read More »

HK banks cut $ for knitters selling to U.S

HONG KONG (FNS) — Local banks, concerned that American buyers are cancelling orders because of the U.S. country-of-origin rule changes, have cut back loans to small- and medium-sized knitwear manufacturers, textile industry sources said. They said some banks have stopped honoring letters of credit for U.S. -bound goods, leaving knitwear outfits stuck with partially processed… Read More »

Easier Credit Possible Soon for Some Debtor Nations

The House panel, headed by Rep. Dante B. Fascell, D-Fla., has no plans to draft any foreign lending legistation. It held hearings on the matter mainly to improve its understanding of the world’s financial condition. The Fed chairman furnished the committee with figures showing that developing countries that are not oil producers owed U.S. banks… Read More »