Personal Loan News

03
Apr
What Borrowers Do When Payday Loans Go Away

For South Dakota consumers, payday loans used to be available at storefronts, but since late 2016, this access and annual interest rates have been cut. Following an intense campaign highlighting the payday loan cycle borrowers endure with extreme fees and interest, South Dakota voters approved the Payday Lending Initiative IM 21 in November 2016. This measure lim

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29
Mar
Head of CFPB Won’t Sue in Payday Loan Collector Case

Mick Mulvaney, who serves as interim head of the Consumer Financial Protection Bureau (CFPB), has opted not to pursue a lawsuit against a payday loan collector, CNBC reported. He is also deciding whether he’ll move ahead with possible lawsuits involved three other payday lenders. Mulvaney was appointed to his position by President Donald Trump. Why Are These [&

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16
Mar
Study Finds Link Between Payday Loans and Poor Health

A new study has disclosed that almost 40 percent of people seeking short-term, high-interest loans from lenders such as payday loan companies are likely to report their health as either fair or poor. University of Washington Ph.D. students conducted a study reviewing fringe banking products – defined as short-term, high-interest loans including car title loans,

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13
Mar
Should Banks Become the New ‘Payday’ Lenders?

In early March, the Florida state legislature approved revamping regulations for payday loans, voting to allow payday lenders to make larger loans for a longer period of time. The bill aims to allow alternative lenders to make installment-type loans up to $1,000, with a 60- to 90-day repayment period. The current law caps loans at […]

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09
Mar
Entrepreneurs Pawning Their Collectibles to Fund Ventures

Pawning goods is often seen as a last resort for the cash-strapped to get funds in a pinch. But now there is a new trend emerging when it comes to pawning: The wealthy are using their high-priced possessions as collateral for quick cash, or a payday/personal loan, to fund business ventures. There are a handful […]

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16
Feb
A New Indiana State Bill Could Triple Payday Loan Shark Rates

A proposed bill that recently passed in the Indiana state House, in a 53 to 41 vote, could make payday loans even less of a good deal for borrowers if it passes through the state Senate. If it passes, this type of loan could carry steep annual percentage rates – up to three times the current loansharking […]

Posted in: Personal Loan News,
09
Feb
Goldman Sachs Eyes Buying Personal Finance Startup Clarity

Insiders say Goldman Sachs Group Inc. is eyeing the possibility of buying Clarity Money, a personal finance startup. Those unidentified sources said Goldman Sachs intends to mesh it with Marcus, its online personal loan lender. Although a deal hasn’t been reached yet, any agreement would only be finalized pending regulatory approval. Goldman Sachs is Beefi

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08
Feb
Proposed Bill Would Increase Payback Time for Payday Loans

Alabama legislators haven’t given up on trying to scale back the cost of a payday loan. The most recent attempt at payday loan reform is attempting to give those who seek payday loans additional time to pay them back. So far, the proposed bill has earned bipartisan support in the Alabama Legislature. How Would the Proposed Legislation […]

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02
Feb
Tennessee Resident Involved in Loan Consolidation Scam

There are a number of downsides to having unmanageable amounts of debt. And unfortunately, one result is that this debt makes many unsuspecting consumers vulnerable to being preyed upon by scam artists. This is something that a certain Tennessee woman found out the hard way. Last November, a Knox County resident was scouring Google for a […]

Posted in: Personal Loan News,
01
Feb
Discover Financial Stocks Still Looking Promising

Discover Financial Services stocks are continuing to rise, thanks to news of its stellar fourth-quarter 2017 results that were highlighted when its earnings were released in January. That led to more confidence in Discover stock, which had been riding high at year’s end. After being off to an unimpressive start in most of 2017, the last […]

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