Cash Advance (Payday Loans)

Where do lower-income Americans turn when faced with immediate bills and no money with which to pay them? Most turn to the payday loan industry, which offers short-term loans in exchange for fees and high interest rates. These loans are generally $500 or less and are called “payday” loans because the borrower is expected to
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By Tonya Rapley Debt is killing us! It’s one of the main reasons I started a community movement to #BanishTheBalance. Over 60 incredible days, more than 4,000 participants paid off more than $200,000 worth of debt. The success of the movement led to a free e-course (you can sign up here) and is open to
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In May, after calls for tighter payday loan regulations and fines levied against companies for deceptive practices, Google banned all payday loans from its search results. The ban went into effect on July 20, but more than two months later, the ban appears to have had little effect. Ads for payday loans and other high-interest
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There have been lots of not-so-nice adjectives directed at the payday loan industry. Add “sinful” to the list, according to a 2016 survey from LifeWay Research sponsored by Faith for Just Lending. The study included 1,000 respondents across thirty states who indicated a Christian religious preference. The majority of the states were chosen based on
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The Consumer Financial Protection Bureau has announced a new proposal to target bad payday lending practices that can trap customers in unsustainable long-term debt. The proposals would extend consumer protection to various kinds of short-term or cash loans including auto-title loans, payday loans, and some installment loans, requiring lenders to make more efforts to establish
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Google has announced that on July 13, their search engine will ban all ads related to payday loans. These loans often have triple digit interest rates and the search engine company has added them to its list of dangerous products, for which it will not run advertisements. This announcement comes less than a month before
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APR and APY – are they new texting acronyms? IDK, you say – or rather, you text? (For the benefit of the textually-challenged, IDK means “I don’t know.”) If you think they are texting acronyms, or just “DK” what they are, it’s time to learn. APR and APY are financial acronyms, short for Annual Percentage
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