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

    … Progress in the Fight Against Payday Lenders Posted on Jul 25, 2016 By Joshua Lawhorn July 25, 2016 by Joshua Lawhorn In May, the Consumer Financial Protection Bureau filed suit against Mississippi based All American Check Cashing for engaging in deceptive practices. While the suit is still ongoing, progress has been made. All American Check…

    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?

    … criminal usury. Because payday loans are illegal in New York, trying to collect on a payday loan is also illegal the state. Federal debt collection laws called the Fair Debt Collection Practices Act (FDCPA), regulates the collection of consumer debts. The FDCPA precludes third party debt collectors from using false, misleading, deceptive and harassing…

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

    … have yet to have a client inform me that they received a scam call from my office, and hope that it never happens, the events in Vermont are a reminder that you can never be too careful. I constantly inform clients to immediately call our office when they are contacted by a creditor, especially after filing. A few clients who acquired payday loans…

    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

    … has been charged off then the debt is no longer owed. This is unfortunately not the case. Why Does the Information on a Credit Report Not Always Match the Information Provided by a Creditor or Debt Collector? Information on a credit report is not conclusive. The fact that a debt is not listed on a credit report does not mean that a debt does…

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

    …% interest! Also, if you don’t repay these loans, they’ll take your car! Auto title loans are riskier than payday loans because your car can be repossessed if you don’t repay the loan. However, there are better solutions that include considering filing for bankruptcy, if the reason for the loans is to repay other debts, or if you’re stuck in a cycle…

    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 -
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