payday loans

In Defense of Our Soldiers: New Regulations Target Payday Loans for Military Personnel

In Defense of Our Soldiers: New Regulations Target Payday Loans for Military Personnel
The Department of Defense released proposed rules late last week targeting the practices of a broad range of high-cost lenders and prohibiting them from charging service members interest rates over 36 percent. The new rules would overhaul the Military Lending Act, which, when enacted in 2007, narrowly defined potentially abusive loans. But as ProPublica and Marketplace reported last year, high-cost lenders easily circumvented the law by offering longer-term loans. The new rules would have a substantial impact.
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Paul Kiel
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Loan Wars: High-Cost Lender Targeted by Federal Probe

Loan Wars: High-Cost Lender Targeted by Federal Probe
World Acceptance Corp., one of the largest high-cost installment lenders in the United States, disclosed late last week that it is the target of an investigation by the federal Consumer Financial Protection Bureau. Reports show that the company's loans are deceptively expensive and often trap low-income borrowers in a cycle of debt.
origin Author: 
Paul Kiel
origin Blog: 

High-Cost Lender Offers Cash for Free, If Free Means 310 Percent Annual Interest

High-Cost Lender Offers Cash for Free, If Free Means 310 Percent Annual Interest
Alarmed by the explosion of high-cost lending in the state, cities across Texas have passed ordinances to prevent the cycle of debt that short-term, high-cost loans can create. But some big lenders are finding clever ways around the laws — like giving away cash for free. Of course, like all payday or auto-title loans, there's a gigantic hook at the end of this deal.
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