Articles related to: Payday Lending
Conventional wisdom might lead one to conclude that payday lending is a scourge upon the Earth and an institution dedicated wholly to feasting on the financially disadvantaged and entrapping them unwittingly into an unending cycle of interest, fees and renewals intended to turn a $500 loan to buy groceries into a lifelong commitment. One also might reasonably begin to expect that their days may be numbered as the CFPB prepares to wipe their societal contagion from the face of the earth with purifying regulatory fire.
But recent data released by the CFPB …
News, Urban Business »
By Charlene Crowell
The New Year’s tradition of making resolutions is sometimes an opportunity to turn dreams into specific goals and efforts – like losing pounds gained during holiday excesses. When it comes to financial matters, now is a perfect time to also assess lending habits and ways to develop greater financial security. In a downturned economy, where jobs are scarce and dollars are short for many Americans, learning how to keep a greater portion of your monies is a resolution worth the effort. If changes in consumer financial habits …
On March 19th the State Senate Committee on Veterans and Military Affairs, Biotechnology, and Financial Institutions held a public hearing in West Allis on payday loans. During the five hour plus hearing, which the Milwaukee Courier attended, testimony was provided by interested parties, including many constituents of select committee members.
By all accounts, it appeared that actual consumers who use the payday loan product were outnumbered by special interests who were advocating on “behalf” of consumers who have used the product. Not to mention, the pay day loan consumers who did …
Payday Reform Legislation limits consumer choices/threatens privacy
Last week the Wisconsin State Assembly voted to pass Substitute Amendment 1 to Assembly Bill 447. This is payday lending regulation that places a cap on the overall loan amount for short term loans, prohibits rollovers, and bans consumers from seeking more than one short term loan at a time.
Proponents of the bill will tell you that this is a consumer protection bill, that it was drafted to protect Wisconsin consumers from an industry’s predatory loan practices. What they don’t tell you is that …
If you’ve ever been in a situation (as most of us have) of being caught short in a financial crisis, then you’ll know just what a bonus a shortterm payday loan can be. I know that many of us have found ourselves in mid-month with no cash and a family to feed; others have been faced with a personal crisis such as a death in the family and sudden funeral costs to face, a sudden car repair that you didn’t plan for, a shut off notice on a utility that …
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Wisconsin is the only state in the United States that does not have any regulation dealing with payday lending. A half-dozen bills to regulate the payday loan industry are being considered in Madison but the residents most impacted by those businesses have rarely been heard from in those discussions.
The Social Development Commission (SDC) wants the public to have their say on the issue of Payday Lending by offering a public hearing Tuesday, March 9 at the Washington Park Senior Center at 4420 W. Vliet Street. The hearing which runs from …