Posts Categorized: Payday Loans

BofA to use NY state database to flag illegal payday loans

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NEW YORK (Reuters) – Bank of America Corp has become the first big bank to agree to use a New York regulators database to ensure it does not process illegal payments from payday lenders to state residents, Governor Andrew Cuomo said on Monday. New York outlaws payday lending, or short-term consumer loans that mature the […]

Loophole for payday loans upheld by Ohio Supreme Court

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The Ohio Supreme Court on Wednesday upheld a loophole in state law allowing payday loan lenders to operate outside of restrictions imposed on them by lawmakers in 2008. In this Nov. 6, 2008 file photo, a customer enters a Payroll Advance location in Cincinnati. (Al Behrman)

District probe finds no payday loans before 2009 | News | The Press & Standard

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Colleton County school officials this week refuted a former superintendent’s claim that issuing payday advance loans from the district’s taxpayer-backed general fund was a common practice long before her tenure as its top administrator.  John Barnes, School Board District 2 representative, addressed the subject during a special board meeting Tuesday at the Colleton Annex Learning […]

AG McDaniel sues online payday lenders

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LITTLE ROCK, Ark. – Attorney General Dustin McDaniel filed a consumer-protection lawsuit today against three online payday lending companies and their owners accused of illegally providing loans with interest as high as 782 percent to Arkansas consumers. Defendants in the lawsuit are brothers Chris Kamberis of Leawood, Kan., and John Kamberis of Olathe, Kan., and […]

Vancity offers alternative to payday loans

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A new alternative to payday loans officially launched by Vancity on Tuesday could make a big difference in the lives of people living from paycheque to paycheque, according to an official with Family Services of Greater Vancouver. Tulia Castellanos, director of strategic community engagement, said the Vancity program will be charging so much less in […]

Payday Loans Become a Matter of Worry in the US

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While the director of Consumer Financial Protection Bureau, Richard Cordray has been making aggressive attempts to get people excited about the technology related to mobile banking, the debate on payday mortgages seems to have taken the limelight. Payday loans are loans taken for a short period of time that come with extremely high rate of […]

Williams: "Payday loans were not my brainchild"

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Former Superintendent of Colleton County Schools Leila Williams appeared before school board on Tuesday night to protest what she felt was unfair criticism and blame regarding a recent payday loans scandal.  The Press and Standard on May 21 obtained a copy of the Colleton County School Districts reply to a Freedom of Information Act request […]

Payday loans may help, but at what price?

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A recent decision by the Ohio Supreme Court scored a victory for payday lenders, allowing them to make high-interest, short-term loans. The court unanimously ruled that payday lenders may keep on exploiting a loophole in a state law, 2008’s Short-Term Lender Act, which limits interest and fees to 28 percent or less, imposed a $500 […]