Category Archives: Uncategorized

More Dollars For Loan Guarantees

Many bankers realize that their otherwise creditworthy borrowers are suffering through financial strains that may be only temporary. But the lenders insist they may have choice but to liquidate or foreclosure on the loans. In that event, a farmer could be forced to sell his farmland on an already depressed market in order to meet… Read More »

Florida National Offers Small Firms Revolving Credit

CHICAGO — Sporadic cash flow cycles can be the bane of a small company’s existence. So Florida National Banks of Florida in Jacksonville is offering an alternative loan program designed to skirt that particular problem. The business-purpose revolving line of credit, which was introduced last month by Florida National, serves the bank’s target market —… Read More »

Glenn may be out, but his loans must still be paid

As Sen. John Glenn, D-Ohio, began his quest for the presidential nomination in the cold winters of Iowa and New Hampshire, his treasurer set off on a pilgrimage to columbus, Ohio, for a little bit of the right stuff of American politics. Strapped for cash, the Glenn campaign official journeyed to Bank One of Columbus… Read More »

The Cost of Cash

The explosive growth of payday advances is recent, so states are just now amending, and trying to keep up with, changes needed in financial laws to cover both conventional installment loans and brief payday loans. A 2010 Illinois Department of Financial Institutions report showed the number of U.S. payday–loan stores doubled to 6,000 in the… Read More »

Let competition curb payday lending excesses

Payday lenders draw heavy fire from fair-lending activists and community groups. Critics say they gouge low-wage workers who sometimes run short of cash when unexpected expenses arise between paychecks. And there’s no question that payday loan fees-500% or more on an annualized basis-far exceed the cost of credit for consumers who can borrow on credit… Read More »

STUDY FINDS MANY IN MIDDLE CLASS TAP PAYDAY LOANS

A recent study conducted by researchers at Georgetown University on the payday advance industry shows, that despite beliefs to the contrary, not all of the industry’s customers are low-income or impoverished. But, it also suggests, the real problem may not be a payday loan customer’s income or access to credit, but Americans’ inability or unwillingness… Read More »

Small Loans: Better than begging or stealing

ON the face of it, charging effective interest rates of 1000 per cent on small loans to desperate clients is a predatory and indefensible practice. NSW Fair Trading Minister John Watkins went as far as describing payday lenders — which charge such effective interest rates — as “bottom feeders”. Their older cousins — pawnbrokers —… Read More »