Another Payday Loan Biggie Being Probed By CFPB

Another Payday Loan Biggie Being Probed By CFPB

Days after the Consumer Financial Protection Bureau revealed that is currently investigating the lead-generating practices of MoneyMutual — the company with the Montel Williams ads that puts borrowers in touch with payday lenders — comes news that the Bureau is taking a peek under the hood of World Acceptance Corp. (aka World Finance), one of the country’s largest high-interest installment lenders. [More]

RISE Credit: A Safe Short-Term Loan Option Or A Payday Wolf In Rocky’s Sweatshirt?

Consumers looking for relief from the cycle of debt often associated with the use of payday loans may have seen the light at the end of the tunnel with RISE Credit. The products billed as the next generation in financial products has it all – a true American hero featured in its ads and the promise to give you a financial comeback. [More]

How Does A $1,000 Loan Blow Up Into $40,000 Of Debt?

How Does A $1,000 Loan Blow Up Into $40,000 Of Debt?

We’ll never advise that anyone take out a payday or installment loan with an interest rate of 240%, but if you do find yourself taking out one of these ridiculously high-interest loans, know that defaulting on the payments can land you in the courthouse, where you could end up buried beneath a mountain of debt from which you’ll never dig out. [More]


How Predatory Lenders Get Around The Law To Loan Money To Military Personnel

In spite of the Military Lending Act, a law intended to prevent predatory lenders from gouging military personnel with exorbitant interest rates and mountains of fees, some of these lenders have figured out ways to work around the very specific limits of the law, targeting active-duty service members with loans that are almost indistinguishable from the ones forbidden by the Act. [More]


Installment Loan Borrowers Being Saddled With Unnecessary Insurance Add-Ons

Installment loans are typically, shorter-term, high-interest, loans to borrowers with severely damaged credit. These loans usually have longer terms than the 2-3 week turnaround for payday loans, and the borrower agrees to pay the money back in equal, monthly installments, but some of those who have worked at installment lenders say these loans are laden with charges aimed at getting around interest-rate rules and keeping the borrower in a cycle of indebtedness. [More]