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1 week, 1 day ago

Personal Loans vs. Payday Loans: 10 crucial differences you need to know

If you are short of funds and urgently need money to cover an unanticipated expense, you can rely on a personal loan. We are referring to the pay day loans, which are quite similar to personal loans but still vary in terms of interest rate, loan amount and repayment period, among other criteria. Purpose: Personal loans are offered by banks, …

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5 months ago

Column: Federal regulators step up their campaign against predatory payday lenders and their rip-offs

LA Times

In 2017, the federal government was poised to give low-income consumers a respite from the myriad abuses and rip-offs visited on them by the payday lending industry. “When interest rates and fees on these loans are high, this can lead to a treadmill of debt that keeps getting faster and faster,” CFPB Director Rohit Chopra said in announcing the new …

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5 months ago

U.S. agency says apps that let workers access paychecks before payday are lenders

LA Times

Rohit Chopra, director of the Consumer Financial Protection Bureau, speaks at the White House on March 5. The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act, a 1968 law that requires lenders to disclose all …

Access Loans Workers Fees Apps Chopra Wage

5 months ago

US agency says apps that let workers access paychecks before payday are providing loans

Associated Press

NEW YORK — The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act, a 1968 law that requires lenders disclose all loan costs and fees. Christine Zinner, policy counsel at Americans for Financial Reform, said the …

Access Loans Workers Fees Apps Chopra Wage

8 months, 1 week ago

Personal loans vs payday loans: What is the difference between the two? MintGenie explains

Live Mint

Facing a difficult financial situation can certainly challenge your commitment to saving, but there are smarter approaches than depleting your emergency fund or selling investments. Best Personal Loan for you at lowest interest rate Instant Apply Cost : Personal loans typically offer much lower interest rates compared to payday loans. While a personal loan might have an APR ranging from …

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1 year, 6 months ago

Will California crack down on cash apps that trap women in debt?

LA Times

The “Cha-ching!” the website of one smartphone app declares, displaying a curly-haired mother and child who look to be jumping for joy. “It’s a trap,” said Melissa Burrola, 46, a single mother of three adult children, who makes $19.50 an hour at a nonprofit that provides free food and clothing to the poor in St. Paul, Minn. “I just want …

Women Financial Money Pay Fees Apps California

3 years, 6 months ago

Kansas City payday loan businessman sentenced for fraud

Associated Press

— A Kansas City payday loan business owner who tried to hide his financial assets to avoid paying up to $7.5 million in debt has been sentenced to one year and a day in federal prison. Kimball was accused of claiming he lost millions of dollars in 2013 and 2014 when he had a gross income of nearly $160,000 in …

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4 years, 1 month ago

Financial counsellors urge people to seek assistance ahead of JobSeeker, loan deferrals coming to an end

ABC

During the worst recession Australia has seen in almost 100 years, you would think financial counsellors would be bombarded with calls. "With JobSeeker and JobKeeper about to taper off, moratoriums on rental evictions ending, and the possibility of responsible lending practices diminishing, more people are likely to turn to credit," Ms Angle said. Mr Futcher's situation last year is what …

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4 years, 5 months ago

Trump's CFPB Director pushed to resign over new rule allowing predatory "debt traps"

Salon

This article originally appeared at Common Dreams. Consumer Financial Protection Bureau director Kathy Kraninger is facing calls to resign after her agency finalized a rule Tuesday that critics say will further expose vulnerable people to "debt traps" set by payday and car-title lenders. Kraninger, who was nominated by President Donald Trump and confirmed by the Senate in 2018, "just stamped …

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Personal Loans vs. Payday Loans: 10 crucial differences you need to know

Column: Federal regulators step up their campaign against predatory payday lenders and their rip-offs

U.S. agency says apps that let workers access paychecks before payday are lenders

US agency says apps that let workers access paychecks before payday are providing loans

Personal loans vs payday loans: What is the difference between the two? MintGenie explains

Will California crack down on cash apps that trap women in debt?

Kansas City payday loan businessman sentenced for fraud

Financial counsellors urge people to seek assistance ahead of JobSeeker, loan deferrals coming to an end

Trump's CFPB Director pushed to resign over new rule allowing predatory "debt traps"