Payday Loans

A payday loan (also called a payday advance) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.
Posts about Payday Loans
  • How Does Chapter 13 Bankruptcy Work?

    … How Does Chapter 13 Bankruptcy Work? Posted on Aug 26, 2016 By Ed Woods August 26, 2016 by Ed Woods One very powerful remedy that financially strapped consumers have is a discharge pursuant to Chapter 13 of the federal Bankruptcy Code. Chapter 13 bankruptcy is so named because it is Chapter 13 of Title 11 of the United States Code. Title 11…

    Ed Woods/ Bond and Botes- 39 readers -
  • Progress in the Fight Against Payday Lenders

    … the allegations “unfair and unjustified.” Hopefully, the suit filed against All American will soon stop the alleged deceptive practices at their 42 Mississippi locations as well. When I meet with a potential client who owes a check cashing or “pay day” lender, it is rare that they owe just one. In a situation with multiple payday loans, it is not likely…

    Joshua Lawhorn/ Bond and Botes- 28 readers -
  • CFPB Proposes New Rule on Small Dollar Lending

    … In my last post, I wrote about Google’s change in its ad policy concerning payday lenders. As examined in that post, Google noted the harm these types of loans often cause for consumers. Google is not alone in recognizing the harmful effects of these loans. The U.S. Consumer Financial Protection Bureau (CFPB) has also been looking into the matter…

    Ed Woods/ Bond and Botes- 25 readers -
  • Google Changes Ad Policy Regarding Payday Lenders

    … On Wednesday, Google posted a blog on its Public Policy Blog entitled “An Update to Our AdWords Policy on Lending Products.” According to that post and effective July 13, 2016, Google will ban ads for payday loans and some related products from their ad systems. Google defines these loans as those where payment is due within sixty (60) days…

    Ed Woods/ Bond and Botes- 28 readers -
  • Are Payday Loans Legal in New York?

    … known as “Payday Loans”, cash advance loans are small, short-term loans with exceedingly high interest rates. The loans are made with the anticipation of a future lump sum of cash or payment like a paycheck giving rise to the name “Payday loan”. The payday loans are typically due in two weeks; however, because the borrower’s financial situation…

    The Law Offices of Robert J Nahoum- 29 readers -
  • Beware of New Bankruptcy Scam

    … Beware of New Bankruptcy Scam Posted on Oct 23, 2015 By Joshua Lawhorn October 23, 2015 by Joshua Lawhorn Recently in Vermont, several debtors in active bankruptcy cases were targeted by a scam. The victims received a call demanding that they wire money or a warrant would be issued for their arrest. While this scam isn’t completely new…

    Joshua Lawhorn/ Bond and Botes- 33 readers -
  • Can You Be Thrown in Jail for Failing to Pay Creditors?

    … this issue. Many people find it difficult to make their debt payments whether it be for credit cards, medical bills, personal loans, payday loans, home, or cars. If the situation becomes too difficult most people will only pay the things that are the most important to them. When this starts to happen creditors will start calling if they fall…

    Grant Mcnutt/ Bond and Botes- 40 readers -
  • What You Should Know About Filing Bankruptcy in Alabama

    … in Montgomery, Dothan, or Opelika is totally different than how we handle cases in Selma because of the local rules we have to follow. The end result for either District though is that you can get rid of unsecured debt (examples are credit card, signature loans, payday loans or medical bills) in a Chapter 7 “straight” bankruptcy or pay all or part of the debt…

    Gail Donaldson/ Bond and Botes- 32 readers -
  • Common Questions and Misconceptions About Debt Collections in Texas

    …, however. I see creditors filing lawsuits in Houston daily when less than $1,000 is owed, including credit cards, debt collectors, payday loans, homeowner’s associations, furniture stores and more. Unfortunately, it is a numbers game. For example, if a nationwide bank has 100,000 customers that stop paying on their credit cards (with an average balance…

    Dove Bankruptcy Law- 15 readers -
  • Auto Title Loans Create Cycle of Debt

    … in California warns consumers to be wary of these loans that force consumers to borrow more than they need at more than 100% interest rates! Read the LA Times article, here. California law currently puts no limit on the interest rates for loans greater than $2,500.00, which is why auto title lenders will push unwary borrowers into taking more money…

    Christine Kingston/ Los Angeles Bankruptcy Law Monitor- 49 readers -
  • Payday Loans to be Discussed by President Obama

    … rules as it relates to payday loans before President Obama’s speech. I am hopeful that the changes will help consumers across the country. The payday loan industry is a big business in Alabama. It seems a payday loan company is on every street and many of my clients have become trapped in its vicious cycle. The loans have notoriously high interest…

    Gail Donaldson/ Bond and Botes- 36 readers -