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Payday Loans from your Phone?
Posted February 8th, 2010 by stripes39 - no comments
Leave it to the English to come up with this one.
Apparently, there is a new service in the UK where you can actually apply for, and get approved for, a payday loan right from your phone. That’s right. A payday loan. From. Your. Phone.
The lender, Wonga, has published an iPhone application that will let users [...]
The State of Colorado Seeks to Regulate Payday Loans
Posted February 5th, 2010 by Mary D - no comments
Currently, the state of Colorado has an effective APR (Annual Percentage Rate) of 521% for a payday loan amount of $250.
This and other reasons have Colorado legislators considering passing regulatory legislation on payday loan companies in 2010. Proponents of this suggest:
Once people enter this debt cycle, they often stay in it
An estimated $80 million in [...]
Who Uses Payday Loans?
Posted February 5th, 2010 by Mary D - no comments
If you listen to consumer advocates, you’d think that the only people who ever use payday loans are the working poor. These poor souls walk into a payday lender, not knowing that they are like a sheep marching into a wolf’s den. Some politicians have even made their careers defending the “victims” of payday lending.
The [...]
Pawn Shop Basics
Posted February 4th, 2010 by Mary D - no comments
When you need cash, one of the options you have is to go to a pawn shop. Using a pawn shop is sometimes a better option than, let’s say, a payday loan. You may be able to get cash at a pawn shop for less in terms of fees than you would from a payday [...]
Read More →Wisconsin Payday Loan Lobbyist Dates Legislator
Posted February 3rd, 2010 by Mary D - no comments
According to payday loan info, currently twelve states prohibit payday loans. Four states permit payday loans but with lower rates and more oversight than normal. Twenty eight states allow payday loans with various regulations for rate caps. However, Wisconsin is one of six states which do not set a rate cap for its lenders.
Rate Caps [...]
