More states are putting interest rate caps on payday loans

By Annie Millerbernd | Nerdwallet Low-cost, short-term lenders, unencumbered by a maximum federal interest rate, can charge borrowers rates of 400% or more on their loans. But more and more states are reducing that number by setting ceiling rates to curb high-interest lending. Currently, 18 states and Washington, DC, have …

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Do you really need an artistic advisor?

[ad_1] Recently, we were asked to advise one of our long-time clients on the advisability of purchasing an expensive piece of art. The question reminded me of the old joke about how to know when you’ve seen a good opera (answer: when someone tells you). We politely declined, but it …

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Are government interest rate caps an automatic gain for borrowers? Payday Loans Minnesota Illinois Chicago Email

Low-cost, short-term lenders, unencumbered by a maximum federal interest rate, can charge borrowers rates of 400% or more on their loans. But more and more states are reducing that number by setting ceiling rates to curb high-interest lending. Currently, 18 states and Washington, DC, have laws that limit short-term loan …

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Can Payday Loans Become Obsolete? With $ 15 million more, Clair wants to find out – TechCrunch

The world seems to go faster every year, and yet nothing seems slower than the speed at which paychecks are distributed. In the United States, work done the day after a pay period will take just two weeks to process, with a check or direct deposit arriving a week or …

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2 big differences between personal loans and payday loans

Image source: Getty Images Payday loans and personal loans are very different financial products. When you need to borrow money, there are several options available to you for taking out a loan. Personal loans can be an affordable option, and it often makes sense to take on this type of …

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More startups and venture capitalists are banking on subprime lending alternatives – Crunchbase News

Fintech startups are increasingly looking into loans for more than a third of Americans with subprime credit scores. Their vision is to turn a negative connotation into one that not only helps short-term borrowers, but builds their credit and provides financial education. Subscribe to Daily Crunchbase The term “subprime” is …

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Antiques: the language of auctions

[ad_1] Auctions, auctions everywhere! Since closing last year, new auction houses have sprouted up like weed. Every day there are dozens to choose from. As of this writing, the online platform invaluable.com lists an astounding 815 upcoming auctions in the next 30 days. No one can keep up with that …

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4 tips for paying off your payday loans with bad credit

4 tips for paying off your payday loans with bad credit If you’re like the two million Canadians who live paycheck to paycheck, you probably have an intimate knowledge of payday loans and how they work. In many ways, taking out payday loans seems like the best option if you …

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Grant County Organizations Create Loan Program to Replace Emergency Payday Loans

Ella Abbott Two organizations are teaming up to provide small loans to residents of Grant County, in an effort to discourage the use of high interest payday loans. The “Bridge the Gap” loan program aims to create better financial literacy and help residents lift themselves out of poverty. Grant County …

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NDP asks Ottawa to slash interest rates on payday loans

The federal New Democrats are calling on Ottawa to slash the legally permitted interest rate on loans and eliminate a loophole that allows the payday lending industry to charge ultra-high interest rates. In a private member’s bill introduced on Thursday, NDP house leader MP Peter Julian called for amendments to …

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Hang In, Illinois, And Cap Interest Rates At 36% On Payday Loans | Editorial

Six years ago, Downstate Springfield woman Billie Aschmeller took out a short-term loan of $ 596 that carried an insane annual interest rate of 304%. Even if she repaid the loan within the two years required by her lender, her total bill would exceed $ 3,000. Soon after, however, Aschmeller …

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Payday Loan Use Rises Amid COVID-19 Pandemic, New Investigation Finds

TORONTO – Due to the COVID-19 pandemic, more people are using the services of payday and installment loan companies, which charge higher fees and interest rates than traditional banks , according to an anti-poverty group. Acorn Canada held protests in nine different cities across the country, including Toronto, on Wednesday …

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Covid, payday loans, student debt

The headquarters of the Consumer Financial Protection Bureau in Washington, DC JHVEPhoto | iStock Editorial | Getty Images the Consumer Financial Protection Bureau is expected to become a more aggressive consumer watchdog under the Biden administration and as the coronavirus pandemic poses financial challenges to millions of Americans. Consumer advocates …

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8 Benefits of Payday Loans Online Brand voice

Details Online payday loans are a great solution to unannounced financial problems. They offer you an easy way out when your paycheck was delayed or ran out before you were done paying your bills. Payday loans online are designed for emergencies and here is why you should consider them when …

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Nebraska Approves Interest Rate Cap on Payday Loans

Just before Christmas in 2010, Phil Davis discovered that his car was in need of repairs. He still remembers a decade later because he and his wife had to spend all the money they had saved for Christmas that year on the car. “At the time, we had a 3-year-old …

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Red state caps interest rates on payday loans: “it transcends political ideology”

Nebraska voters have overwhelmingly chosen to limit the interest rates that payday lenders can charge, making it the 17th state to limit interest rates on risky loans. But consumer advocates have warned that future payday loan protections may need to be put in place at the federal level due to …

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