May 16, 2012

HARRISBURG, Pa. – The pluses and minuses of payday lending are playing out in Harrisburg.

The state House Consumer Affairs Committee has advanced legislation that would legalize what some call predatory payday lending. Supporters say allowing lenders to charge annual interest rates as high as 369 percent for a two-week loan will help create jobs. However, a new report from the Keystone Research Center shows otherwise, says labor economist Dr. Mark Price.

Payday lending, when you have an expansion of it, it certainly creates some jobs on the side of the payday lending operation. But it also destroys other jobs in the economy, because consumers are paying these excessive fees, which end up crowding out other spending in the local community.

While payday loans are born from the desperation of people needing money between paychecks, Price says those who dont qualify for them are better off in the long term than those who do.

There are consumers that payday lenders actually do turn down and are unwilling to make them a short-term, $300 loan. If they dont get a loan, theyre less likely to file for bankruptcy than people that the lenders actually do choose to make a loan to.

Lender fees such as those being considered by state lawmakers are what can turn a relatively small loan into an insurmountable mountain of debt, Price says.

They end up having to take out another loan, and another loan and another loan – and each time, theyre racking up these enormous fees, putting those households in worse shape financially.

Payday lending hits rural sections of the state hardest, Price says, areas that often have limited economic opportunities for residents to repay their debts. He notes that a higher concentration of these lenders is typical in rural communities, which he calls a perfect landscape for them.

The report is online at keystoneresearch.org.

Tom Joseph, Public News Service – PA
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Mindy Honey | Branson Tri-Lakes News

Loan center makes paying bills simple

    Didi Eggebrecht, left, and Natalie Nickel, of Missouri Loan Center, are ready to help with title and payday loans, as well as purchase unwanted gold, silver and platinum jewelry and old coins.

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CashAdvance.org announces the introduction of a 24-hour payday loan application phone number for customers without Internet access. The new number also provides a viable option for customers who are uncomfortable entering their personal and financial information into an online application form, or who just prefer to apply over the phone for whatever reasons. A live representative is available to help customers complete their payday loan application and answer their questions about payday loans and the lending process. The loan application number can be found on the site’s “Contact Us” page.

“Our mission at CashAdvance.org is to better serve our customers and provide to them greater access to payday loan lenders in their area.” said CashAdvance.org spokesperson Dave Owens. “We are delighted to offer this new application phone number as a way of helping customers get money for emergency financial situations quickly and easily. Now, customers who were previously not able to apply for one of our loans can do so without having to sit down at a computer.”

A cash advance loan can be used to cover short-term emergency expenses for items such as rent, medical bills, home repairs, car repairs and other bills. Customers can borrow between $100 and $1,500 depending on their salary and needs. The lender they end up using through CashAdvance.org determines the specific loan amount. Customers do not need good credit or have to put up collateral to qualify for a loan. Upon approval, customers usually receive their loan funds within 24 hours via direct deposit into their checking account. Borrowers generally must repay their loan with their next paycheck, and repayment is handled in an automatic fashion by electronically withdrawing the repayment amount from a borrower’s bank account on the scheduled due date. This makes the process easier and more convenient for the borrower.

To qualify for a payday loan, borrowers must be either a citizen or legal resident of the US, be 18 years of age or older, be currently employed with a minimum of 90 days on the job, and have a monthly income of at least $1,000 after taxes. Additionally, borrowers must provide the following information as part of their loan application: a checking account number, home and work phone numbers, and a valid email address. When applying over the phone, customers are advised to have their information available on hand to expedite the application process.

The new 24-hour loan application phone number gives CashAdvance.org an opportunity to further its general mission of providing the highest quality customer service to consumers throughout the country.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/5/prweb9498195.htm

Copyright 2012 Midland Daily News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Check Into Cash announces the launch of its new website, which is designed to make it easier for customers from all over the United States to apply for cash advances and payday loans.

Cleveland, TN (PRWEB) May 15, 2012

Check Into Cash announces the launch of its new website, which is designed to make it easier for customers from all over the United States to apply for cash advances and payday loans.

Check Into Cash is a leading supplier of short-term credit to American consumers. With its well-established reputation in the field of short term credit, Check Into Cash is a trusted source for payday loans, title loans, and title pawns. Other services offered by the company include check cashing, reloadable prepaid US Money Cards, and walk-in bill payments.

Founded by Allan Jones in 1993, Check Into Cash prides itself on the transparency of its services. The company aims to be a beacon of honesty in what is seen by many as a shady industry. As a founding member of the Community Financial Services Association of America (CFSA), which regulates the payday loans industry, Check Into Cash aims to provide trustworthy service to all those in need of short-term cash advances.

The redesign of the website will make it easier than ever to understand and access affordable short-term credit options from Check Into Cash. It is our goal that visitors fully understand their options, the cost of those options, and how to access the credit they need. says Martin Pippin, Director of Online Marketing at Check Into Cash. One example of how this is accomplished is through geolocation. Site visitors are identified by IP address and given information specific to their state. This removes multiple clicks and the opportunity for confusion as users search to find out about what services are available to them.

Contact:

Martin Pippin

mpippin(at)checkintocash(dot)com

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/5/prweb9509103.htm

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The bishop of Durham has described the interest rates charged by payday lenders as sinful and usurious, but says they are the only resort for many families desperate for money.

Citing the 4,214% APR charged by the UKs highest profile short-term lender Wonga, the Rt Rev Justin Welby said his worry was people would get used to this deeply shocking level of interest and begin to think it was normal. An interest rate of over 4,000% has been considered usurious since the time of Moses. Its no different now, he said.

The bishop said he was not describing the lenders as immoral or saying they were acting improperly, but they have become the only resort for people in many parts of the country where traditional banks and credit unions are just not available.

He said the surge in use of payday lenders – Wonga alone has extended 4m loans worth £1bn in little more than four years – reflected the increasing numbers of people being forced to collect food from church foodbanks each month. The bishop, who recently visited a food bank in Chester-le-Street, said: I find it bizarre and horrifying in this day and age to see this happening. It shocked me that so many people were coming there for help after running out of money before the end of their financial month.

The Church of England has long expressed concern about the activities of short-term, high-cost lenders: in December 2011 the Church Commissioners extended the Churchs ban on investing in doorstep lending to include the online payday loans industry, meaning none of its £8bn investment portfolio can be directed at such lenders and pawnbrokers.

James Featherby, chair of the Churchs Ethical Investment Advisory Group, said the revision of the policy acknowledged the importance of access to credit for all members of society. But it is not prepared to sanction investment by the Churchs investing bodies in companies charging triple-digit interest rates to some of the most vulnerable customers of the financial services industry.

Wonga refused to comment on the bishops statement, but in a recent interview with the Guardian the companys co-founder Errol Damelin said critics were wrong to focus on cost. We do, as a society, want access to credit delivered in a responsible way … Theres real demand from people – and businesses – for help in spreading the costs that they incur. Without that ability, then you might not have the opportunity for anybody who isnt very wealthy to get access to things like education, fixing a car that breaks down, or entertainment.

The Consumer Finance Association (CFA), a trade association which represents payday lenders, has requested a meeting with Welby to discuss the matter in person.

John Lamidey, chief executive of the CFA, said: Only the bishop is in a position to say whether the interest rates on payday loans are immoral or sinful. However, we do understand his concerns because payday loans are misunderstood by many people, particularly those who do not use them.

The interest rates that the bishop refers to are APRs – annualised percentage rates – which completely misrepresent the true cost of a payday loan. Its similar to suggesting that the typical annual cost of a rental car might be close to £15,000, rather than a daily rate of £40.

Telling customers the total cost of credit in real terms to ensure they understand how much their loan will cost, rather than quoting confusing APRs, is clearly beneficial for the customer.

Lamidey added that research shows the vast majority of customers use payday loans to smooth out peaks and troughs of their finances, rather than relying on them month to month.

However, the bishop of Durham pointed out that as the former group treasurer of a major oil company, he was well accustomed to how the financial services industry and financial products functioned. I am not buying the argument that its only costing £40. We know that they are lending to people on benefits and thats a huge amount to pay for someone in those circumstances, he said.

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Dallas, TX — (SBWIRE) — 05/15/2012 — Payday loan industry now days functions strictly according to the rules and regulation of the government. Each State follows a prominent set of payday loan lending laws. An individual requiring financial assistance can opt for safe cash loans through the website Loansongo.com. These short term loans can completely satisfy an individual with instant cash loans in a very short period of time. The website provides 99% instant approval rates.

As a result the loan seeker is saved from the long-winded approval processes. “I have found the service extremely clear and easy to use. Also the site does not charge have any hidden charges. Accessing the site is simply Follow your Nose and extremely straight forward. I recommend this site to everyone” said one of the clients. Moreover the procedure of banking is lengthy and cumbersome. In addition, a lot of documentation may be required for availing the loan. One needs to have sound credit score and also show some sort of collateral in case of availing cash advance from the banks.

A study was conducted by the University of Chicago’s Booth School of Business in 2009. It revealed the comparison of the places where online loans were readily available and where payday loans were not available. The reports revealed that people were not prone to drugs or alcohol where payday loans were readily available. One of the reasons could be that people were free from financial and mental stress through online payday loans. Financial and mental stress may lead a person to into drinking habit. Getting cash in emergency and unexpected household expenses is like icing on the cake. In other words Loansongo.com helps in welfare of people by providing cash advance. “Cash advance loans can be extremely helpful in covering short term debts, unexpected bills, or overdue payments,” loansongo.com explains. “Once the application is complete, individuals will have the funds they require deposited into their checking account automatically. In most cases, this is accomplished the same business day or by the next business day at the latest.”

About Loansongo.com
The website Loansongo.com is a premier online source for availing payday loans. It is featured on locations such as Google, msn, yahoo, ask, dogpile and Bing. This cash advance provider offers 24/7 hours services to meet the short-term financial solutions. Once the loan is approved, the website redirects the client to the lender’s website within fraction of seconds. There the borrower is able to review and agree to the terms and conditions of the loan. The process of applying for the loan is simple, utmost secure and safe.

For more information, please log on to http://www.loansongo.com

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Dallas, TX — (SBWIRE) — 05/11/2012 — Most of the people live from paycheck to paycheck. The basic salary fulfills only the actual needs such as food, shelter and clothing. Even a small additional overhead is like a pain in the neck. It is for the same reason that the reputed website Loansongo.com provides payday loans online. With the help of these short term loans or payday loans, an individual can fulfill the emergency needs. A payday loans is a discreet and confidential way to quickly resolve cash flow problems.

Loansongo.com is a very reliable website since it deals only with regime payday loan lenders. “Ive had several times where Ive needed a personal loan online. Even though there is thousands of choices online, Loansongo.com is the one that treated me well and has impressed me with their customer service and access to multiple lenders online. The service provided by the website is so fast and secure. All the lenders are legally approved and my personal information remains safe. The website has made me a permanent customer.”

Loansongo.com provides pay day loans in forty seven major states in US. This means that the network of the website is spread almost across the entire continent. Certain terms and conditions are to be fulfilled by the customer. One must be the citizen of US and be above 18 years old. An individual must have a fixed monthly income and work in a dependable firm for at least 6 months. The borrower must also have an active bank account. After fulfilling the formalities, the amount is in the account of the borrower in twenty four hours or the very next working day depending upon the application.

About Loansongo.com
The website Loansongo.com is a premier online source for availing payday loans. It is featured on locations such as Google, msn, yahoo, ask, dogpile and Bing. This fast cash provider offers 24/7 hours services to meet the short-term financial solutions. Once the loan is approved, the website redirects the client to the lender’s website within fraction of seconds. There the borrower is able to review and agree to the terms and conditions of the loan. The process of applying for the loan is simple, utmost secure and safe.

For more information, please log on to http://www.loansongo.com

Fast EZ Payday Loans provides you with the best selection of loans and payday loans online. Find personal loans for your home, car, business, or persona

Flickr / Jane Waterbury

Most people have a period of time in their lives that their credit is not perfect. Those with bad credit know that it is very difficult to live without access to credit.

Fortunately, it is possible to get a loan. Of course, interest rates are higher for those with bad credit because they pose more of a risk to the lender.

The more responsibly they handle credit, though, the higher their credit scores will be. Following these tips will help someone with bad credit get a loan and begin to establish a better credit rating.

1. Consider a payday loan.
Payday loans are short-term loans that are made strictly based on your ability to repay the loan. Because credit reports are generally not checked and positive accounts are not reported to the credit bureau, applying for a payday loan does not have any affect on your credit score unless you fail to repay the loan. Payday loans are useful when quick cash is needed for unexpected situations. The requirements include a steady source of income and a checking account.

2. Work with a broker.
If you are trying to get a mortgage or home improvement loan with bad credit, a broker may be able to match you with a lender that does bad credit loans. Mortgage brokers have relationships with a variety of mortgage lenders and banks and are able to successfully help borrowers with good and bad credit scores get loans that meet their needs. Because brokers have access to the credit terms of many lenders they are able to provide guidance to borrowers who have bad credit.

3. Get a cosigner.
A cosigner is a family member, friend or other acquaintance who has good credit. The cosigner agrees to take responsibility for the loan if you do not make the payments. Because you are listed as a borrower on the loan with the cosigner, timely payments will improve your credit score. A better credit score will make it easier for you to obtain credit without a cosigner.

4. Offer collateral.
Collateral is property that you already own that is used to secure a new loan. Homes are the most common form of collateral. Consumers sometimes use their personal automobile as collateral for personal loans. New companies frequently offer equipment as collateral for business loans. Collateral gives the lender confidence that the loan will be repaid.

5. Apply for a bad credit loan.
There are lenders who only work with people with bad credit. Companies such asBadcreditloans.commatch people with bad credit who need loans with lenders who are willing to ignore past credit problems. These lenders do not request credit reports but they may report positive accounts to the credit bureaus.

6. Increase your credit score.
Higher credit scores make qualifying for loans easier. Credit scores are affected by collection accounts, available credit and debt to credit ratio. If you have several bills that are overdue, paying them off will increase your available credit and increase your score. Paying all outstanding debts may increase your credit score enough for you to qualify for an unsecured loan.

What tips do you have for someone needing to rebuild their credit? Have you overcome bad credit? Share your strategies in the comment area!

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With Missouri lawmakers all but wrapped up for this session, there are a number of proposed state laws being closely examined before the summer break. Like the so-called “Facebook Law” which was heavily flawed before being signed into law, a number of these proposed laws are extremely emotional due to their possible effects on the average Missourian.

Dealing directly with our wallets, there are two somewhat related petitions which look likely to end up on ballot for Missourians come this November. These two measures, while completely separate, both have at least an indirect financial impact on all of us. The first would raise Missouri’s minimum wage to $8.25 per hour and the second would limit the interest rate on payday loans to 36 percent.

Missourians should support both measures.

While mandatory wage increases are typically fought along party lines, even the most die-hard business owner would privately agree that minimum wage must go up at some point every so often in order for a well-functioning society to thrive. The positive and negative economic effects of a wage increase will be argued to no end but the reality is that thousands of Missourians depend on this minimum to help feed and clothe their children. And the smallest businesses (grossing less than $500,000 income annually) will be exempt under this law, allowing them to avoid taking a sudden crushing financial blow.

The initiative limiting payday loan interest rates to 36 percent may be a tougher sell due to the possible “It Doesn’t Affect Me So I Don’t Care” Syndrome (or the “It’s Their Own Fault” Syndrome). However, these predatory lenders are the modern equivalent of loan sharking, typically preying on those who may or may not understand the fine print. Ignorance notwithstanding, it is those in the lower socio-economic brackets who are hit the hardest by these unscrupulous business owners.

For those affected by the payday loan business, it is truly a vicious cycle. One scenario: a single mother and her children are about to be sent to the street in a purely hypothetical town in southwest Missouri. After being turned away by churches and charities for a multitude of reasons she only partially understands, she turns to the one place where she can actually (legally) obtain the rent money — a payday loan type place. She is temporarily relieved to keep herself and two children off the street for another week or two. The loan quickly triples and quadruples and she is threatened with car repossession and wage garnishment. Off to another payday loan and the cycle continues.

While many of Missouri’s proposed laws are restrictive and overreach, these two laws are a necessary protection for those who are struggling the hardest in difficult times. And looking out for the weakest among us may just benefit all of us.

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Our own research showed that with many payday loans services, their fees and interest rates were confusing and unclear. We empathise with those people who have taken a payday loan, unaware of just how much the lending will actually cost them.
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