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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 [...]
Starkville Bans Payday Loans
Posted January 28th, 2010 by hockeypuck89 - no comments
The town of Starkville finds itself in a situation that’s pretty common in many places during these tough economic times. It seems they’ve seen a quick expansion in the number of payday lenders within the city limits over the past few years. Accordingly, Starkville has decided not to allow any more payday loan businesses into [...]
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