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State's payday loan usage rate highest in nation - Edmond Sun


Edmond Sun

State's payday loan usage rate highest in nation
Edmond Sun
In all, an estimated 1 in 8 Oklahoma adults has taken out a payday loan — the highest usage rate in the nation, said Nick Bourke, director of consumer finance at Pew Charitable Trusts. The typical borrower takes out 10 payday loans per year, often ...

Avoiding Payday Loans Makes the Poor Richer - Bloomberg


Bloomberg

Avoiding Payday Loans Makes the Poor Richer
Bloomberg
Most economists wouldn't write down a model where people consistently take out payday loans month after month out of pure short-sightedness. Even if many are skeptical of the value of payday lending, it's very rare for such persistent irrational ...

and more »

Report: Payday Loans In Colorado Are Cheaper After Reform, But Still Predatory - KUNC


KUNC

Report: Payday Loans In Colorado Are Cheaper After Reform, But Still Predatory
KUNC
Payday loans cost Coloradans more than $50 million in fees in 2015, according to a new report based on data from the attorney general. And the data also shows that even though changes to payday lending practices in Colorado lowered overall costs for ...

Quora: Are PayDay Loans Abusive? In Fact They're Highly Regulated - Newsweek


Newsweek

Quora: Are PayDay Loans Abusive? In Fact They're Highly Regulated
Newsweek
Contrary to what many people might otherwise believe, the payday loan industry is in fact highly regulated. The problem lies in the fact that existing regulations (mostly) haven't kept pace with shady business practices, don't necessarily end up with ...

BankThink High-cost installment loans: No improvement over payday loans - American Banker (subscription)


American Banker (subscription)

BankThink High-cost installment loans: No improvement over payday loans
American Banker (subscription)
Until 2013, a handful of banks were siphoning millions of dollars annually from customer accounts through “direct deposit advance” — products that carried average annualized interest rates of up to 300%. Like storefront payday loans, deposit advance ...

Investment adviser gives tips on payday loans - WDAM-TV


Investment adviser gives tips on payday loans
WDAM-TV
HATTIESBURG, MS (WDAM) -. Mississippi residents who seek payday loans usually use them as a last resort. Investment adviser Dorian Black spoke to WDAM Tuesday and gave tips for people before they apply. “If you go to one of these places, you want to ...

What is the concern about payday loans? - Newton Kansan


Newton Kansan

What is the concern about payday loans?
Newton Kansan
A: The issue is the cost of the loan. The interest on pay-day loans starts at 300 percent, but because - as you mention - the loans are very short-term, most people don't see it. Let's say you take out a $400 loan for a week. You pay it back a week ...

Alternative to payday loan sharks opens in South St. Louis - KMOV.com


KMOV.com

Alternative to payday loan sharks opens in South St. Louis
KMOV.com
ST. LOUIS (KMOV.com) -- Another resource is open in St. Louis to help fight the pervasive problem of loan sharks. As News 4 has reported for years, predatory, high-interest loans are feeding a cycle of poverty here in the city. “In a lot of cases ...

Russian authorities cracking down on extortionate payday loans - RT


RT

Russian authorities cracking down on extortionate payday loans
RT
Payday loans in Russia are usually given for no longer than a month. The amounts are rarely more than 30,000 rubles (about $500), however returning it on time can prove difficult. The money lenders typically charge 600 percent annual interest. This ...

and more »

State's payday loan usage rate highest in nation - Edmond Sun


Edmond Sun

State's payday loan usage rate highest in nation
Edmond Sun
In all, an estimated 1 in 8 Oklahoma adults has taken out a payday loan — the highest usage rate in the nation, said Nick Bourke, director of consumer finance at Pew Charitable Trusts. The typical borrower takes out 10 payday loans per year, often ...

Avoiding Payday Loans Makes the Poor Richer - Bloomberg


Bloomberg

Avoiding Payday Loans Makes the Poor Richer
Bloomberg
Most economists wouldn't write down a model where people consistently take out payday loans month after month out of pure short-sightedness. Even if many are skeptical of the value of payday lending, it's very rare for such persistent irrational ...

and more »

Report: Payday Loans In Colorado Are Cheaper After Reform, But Still Predatory - KUNC


KUNC

Report: Payday Loans In Colorado Are Cheaper After Reform, But Still Predatory
KUNC
Payday loans cost Coloradans more than $50 million in fees in 2015, according to a new report based on data from the attorney general. And the data also shows that even though changes to payday lending practices in Colorado lowered overall costs for ...

Quora: Are PayDay Loans Abusive? In Fact They're Highly Regulated - Newsweek


Newsweek

Quora: Are PayDay Loans Abusive? In Fact They're Highly Regulated
Newsweek
Contrary to what many people might otherwise believe, the payday loan industry is in fact highly regulated. The problem lies in the fact that existing regulations (mostly) haven't kept pace with shady business practices, don't necessarily end up with ...

BankThink High-cost installment loans: No improvement over payday loans - American Banker (subscription)


American Banker (subscription)

BankThink High-cost installment loans: No improvement over payday loans
American Banker (subscription)
Until 2013, a handful of banks were siphoning millions of dollars annually from customer accounts through “direct deposit advance” — products that carried average annualized interest rates of up to 300%. Like storefront payday loans, deposit advance ...

Investment adviser gives tips on payday loans - WDAM-TV


Investment adviser gives tips on payday loans
WDAM-TV
HATTIESBURG, MS (WDAM) -. Mississippi residents who seek payday loans usually use them as a last resort. Investment adviser Dorian Black spoke to WDAM Tuesday and gave tips for people before they apply. “If you go to one of these places, you want to ...

What is the concern about payday loans? - Newton Kansan


Newton Kansan

What is the concern about payday loans?
Newton Kansan
A: The issue is the cost of the loan. The interest on pay-day loans starts at 300 percent, but because - as you mention - the loans are very short-term, most people don't see it. Let's say you take out a $400 loan for a week. You pay it back a week ...

Alternative to payday loan sharks opens in South St. Louis - KMOV.com


KMOV.com

Alternative to payday loan sharks opens in South St. Louis
KMOV.com
ST. LOUIS (KMOV.com) -- Another resource is open in St. Louis to help fight the pervasive problem of loan sharks. As News 4 has reported for years, predatory, high-interest loans are feeding a cycle of poverty here in the city. “In a lot of cases ...

Russian authorities cracking down on extortionate payday loans - RT


RT

Russian authorities cracking down on extortionate payday loans
RT
Payday loans in Russia are usually given for no longer than a month. The amounts are rarely more than 30,000 rubles (about $500), however returning it on time can prove difficult. The money lenders typically charge 600 percent annual interest. This ...

and more »