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Payday Loan News in April 2009
The employee told police that an Hispanic male entered the business near Broadway and Power roads and walked to her desk with a small handgun and asked for money. The suspect tied the worker's hands and feet before fleeing the payday loan store. Officers did not locate the robber. The payday companies that have operated pretty much out of the public and Congressional spotlight are now right in the middle of it and fighting for their survival. Payday loan companies are feeling the uneasy pressure that comes from too much attention from the wrong people — Congress. For the past three years, the state Department of Corporations has been trying to force these Internet-only businesses to adhere to the same rules that govern the state-licensed payday loan storefronts that offer short-term, unsecured loans of up to $300. If Senate Bill passes, 50 million people will have nowhere to go for same day loans such as pay day loans, according to SaveMyPawnShop.com. Pawnshops are seeing records amount of traffic to their stores, spurred by high unemployment and the crippling 17 month recession. However, many of these stores might be forced to close if a new senate bill is signed into law. Others have argued that without these miniloans, people would bounce checks, incurring average costs of $27 or more per overdraft. The overdraft fees that some banks charge are scandalous and deserve more Congressional scrutiny. That does not mean an industry that makes $50 billion a year in loans should be touted as an alternative. Payday lending legislation, H.R. 1214, introduced by Rep. Luis Gutierrez (D-IL) prevents competition in the marketplace, preempts the laws in 34 states and puts tens of thousands of jobs at risk, according to the Community Financial Services Association of America (CFSA), the national trade group representing more than half of the payday advance industry. The city of Carson has backed off plans to crack down on payday lenders after hearing protests from industry lobbyists. For the last several months, city officials have been considering new regulations on local businesses that issue short-term loans to tide customers over until their next paycheck. Some big banks with major operations in Middle Tennessee are trying to cash in on strapped-for-cash customers. Fifth Third Bank and U.S. Bank — respectively the fourth and eighth largest Nashville banks by deposits — have programs offering 35-day payday advance loans to customers with direct deposit paychecks. The loans come with an annual percentage rate of 120 percent, or a 10 percent fee on money borrowed. Two men robbed the Fast Auto & Payday Loans branch at 5200 George Washington Highway shortly before 3 p.m. today, police reported. Two extraordinary events took place in the U.S. Congress this past week concerning payday loans. First, Members of the House Subcommittee on Financial Institutions and Consumer Credit showed intelligence and thoughtfulness in their statements and questions. Second, one member introduced the best bill the American people have seen in a long time. The recently expanded Financial Advice section found on www.checkngo.com is designed to help educate consumers about financial issues that may arise while starting a fitness program, making a major financial purchase and much more. Let’s get one thing clear: A 36% APR rate cap means a 90% revenue cut for payday lenders. Opponents of the product feign ignorance at this, but it’s a diabolical deception – the Eddie Haskell routine – “Golly, Mrs. Cleaver, I didn’t know that rate cap would put lenders out of business!” Below are the monthly archives: |
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