Last year, federal regulators released a report that found online payday lenders — despite their clean, professional websites — could be just as bad, if not worse, than their storefront counterparts. Today, the Consumer Financial Protection Bureau provided yet another example of how these companies can wreak havoc on consumers’ finances by skirting the law. [More]
installment loans
Another Payday Loan Biggie Being Probed By CFPB
By 3.14.14
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?
By 2.12.14
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?
By 12.13.13
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
By 5.15.13
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
By 5.13.13
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]
