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December 2006
December 28, 2006 - Austin, Texas
Ah, the value of hindsight. Had we all known in January what we know today, we could have tripled our money in pawnshop operator and payday lender EZCORP, which started the year at around a share and trades today at more than .
December 28, 2006 - Fort Worth, Texas
It was a year for pawnshops and payday lenders to branch out beyond their normal boundaries as their traditional lines of business came under legal and regulatory assault.
December 28, 2006 - Austin, Texas
Last September, Congress passed a law that limits the rate of interest that can be charged on a loan to members of the U.S. military and their families to 36 percent.
December 28, 2006 - Cleveland, Tennessee
Cleveland, Tn.'s Allan Jones, chairman and CEO of Check Into Cash, Inc., is taking issue with the recent attack on the industry by the Center for Responsible Lending (CRL).
December 27, 2006 - Tinley Park, Illinois
It seems as though some things never change when it comes to payday lending in Illinois. As soon as Illinois enacted law that makes payday loans a more affordable solution for people who need them, the payday loan industry got greedy.
December 26, 2006 - Olympia, Washington
Aaron Medres is on a mission. Four years years ago, the Chattaroy truck driver took out a $500 payday loan to cover some unexpected repairs to his car. Two weeks later, to pay back the $500 and the $75 fee, he took out another loan from a different lender. And then another.
December 17, 2006 - Richmond, Virginia
Five years ago, tellers at State Employees' Credit Union in North Carolina noticed a different group of people coming in to cash checks: payday lenders with checks written by members of the Raleigh-based credit union.
December 15, 2006 - Great Falls, Montana
Some of Montana's poorest consumers fall victim to lending services that charge exorbitant interest rates for payday or title loans and get trapped in debt, says Attorney General Mike McGrath.
December 13, 2006 - Seattle, Washington
Beginning Oct. 1, 2007, no U.S. lender may charge more than 36-percent interest to a military person on active duty, or his family: a measure Congress aimed principally at protecting soldiers from payday loans.
December 13, 2006 - Concord, New Hampshire
Payday lenders are storefront shops that give customers small, no-collateral loans for a fee and a promise to pay the money back in a week or two. They used to be a sign of a big city. High-interest lenders require a steady supply of people who live paycheck to paycheck.
December 11, 2006 - Wichita, Kansas
A Wichita legislator wants to place a cap on the interest charged by payday and car title loan stores -- an annual rate that is currently as high as 390 percent a year.
December 8, 2006 - Washington, D.C.
Two months after Congress approved a cap on loan interest rates for service members, lawmakers are urging financial institutions to look for ways to make affordable small loans available to all consumers, not just the military community.
December 6, 2006 - Vancouver, Washington
Washington state Rep. Sherry Appleton expects a different outcome this legislative session when she introduces two bills that could drastically curtail profits for payday lenders.
December 6, 2006 - Richmond, Virginia
A House committee yesterday killed a bill that would have banned payday lending in Virginia. But the bill's sponsor says he's going to reintroduce it for the 2007 legislative session that starts next month, where it will compete with other bills that are expected to add regulations to the industry but not ban it altogether.
December 4, 2006 - Hackensack, New Jersey
The Financial Service Centers of America (FiSCA) today strongly criticized a recent report, titled 'Financial Quicksand,' issued by the Center for Responsible Lending (CRL) which attacked the payday loan industry.
December 4, 2006 - Alexandria, Virginia
You may have seen commercials on television offering unsecured loans to anyone needing money. These ads tend to focus on two things: how much money you can get, and how quickly you can get it. Lost in the fine print is the important information, including the interest rate and repayment schedule for the loan.
November 2006
November 30, 2006 - Chicago, Illinois
American Public Media's news program Marketplace (heard nationally on NPR) tonight ran a segment highlighting the Center for Responsible Lending's new report about payday loans titled 'Financial Quicksand.'
November 25, 2006 - Mason City, Iowa
Five days until payday can be a long time when the rent is due and you don't have enough money to pay it. For some families, payday loan businesses come to the rescue. The check doesn't bounce and the landlord's late rent fee is avoided.
November 25, 2006 - Sterling, Illinois
A new report is warning money-strapped Christmas shoppers not to be tempted by offers for fast cash this holiday season, or they could end up with a very unhappy New Year.
November 23, 2006 - Alton, Illinois
Dan Rather's news program 'Dan Rather Reports' this week featured the hour-long program 'The Best Congress Money Can Buy.' Appearing on the HDNet network (Rather's new home), the show contained a lengthy negative segment about the payday loan industry and its lobbying activities.
November 22, 2006 - Mountain Home, Arkansas
An advocacy group working to reform Arkansas law on payday lending practices has alleged two Mountain Home stores offer loans larger than allowed by state law.
November 22, 2006 - Eugene, Oregon
The apologists for the payday and car-title lenders that exploit the poorest, most vulnerable Oregonians have long insisted there's no real problem with lenders charging more than 500 percent interest on short-term loans.
November 21, 2006 - Portland, Oregon
More than 100 Oregonians lost their cars, and 104,000 had problems repaying after borrowing money from payday and car title lenders last year, a state agency reports.
November 17, 2006 - Pierre, South Dakota
A coalition of military and consumer groups that persuaded Congress to impose a 36 percent interest-rate cap on payday loans to military members and their families is gearing up to fight the whole issue all over again.
November 17, 2006 - Berwyn, Pennsylvania
Dollar Financial Corp expanded its Florida operations by acquiring 23 financial services stores this month, predominantly located in Southwest Florida. Dollar has not released the name of the acquired locations, but said the total purchase price for the acquisition was $28.6 million.
November 16, 2006 - Seattle, Washington
They're the last resort for thousands of people strapped for cash. . . . State lawmakers are working on bills to lower the rates and give consumers more protection, but the concern is over much more than just high rates.
November 15, 2006 - Dayton, Ohio
Getting into debt is easy; removing oneself from debt is an uphill battle that many people will lose. One major reason for this is the position they are put in by predatory payday lenders, according to the creators of StretchPay, a new program at many Ohio credit unions that offers small loans without the compiling high interest rates of many predatory storefront lenders.
November 15, 2006 - Springfield, Missouri
It was about five years ago that I opened a very unusual letter. It was from a local Baptist pastor who was asking me to write a column about the payday and car title loan businesses springing up around town.
November 15, 2006 - Little Rock, Arkansas
Arkansas' regulator of payday lenders on Tuesday ordered a Conway businessman to pay more than $217,000 in fines and refunds to customers for operating stores without a license.
November 14, 2006 - Las Vegas, Nevada
When officials at Nevada Federal Credit Union found out a quarter of its members frequented payday loan businesses when running short on cash, they decided it was time to offer an alternative.
November 10, 2006 - Kansas City, Missouri
A class-action lawsuit alleges that payday lender QC Financial Services Inc. of Overland Park violated Missouri law by engaging in predatory practices such as renewing loans multiple times.
November 8, 2006 - Beverly Hills, California
There is a lot being said about payday loans. Many claim that the interest rates charged are outrageous. Others say that they are the only source of finance available for those with less than perfect credit score. There is a bit of truth in both claims but there is much more to payday loans than meets the eyes.
November 8, 2006 - Charleston, South Carolina
Jeannette Hartman of Clarksburg is a consumer who got caught up in payday lending. In her case, it was with lenders who operate on the Internet.
November 4, 2006 - Gainesville, Florida
Payday loan companies, which often charge annual interest rates well into the triple digits, cluster around military bases, according to a study co-authored by University of Florida associate law professor Christopher Peterson.
November 4, 2006 - Tucson, Arizona
Considering taking out a payday loan or refinancing a mortgage through a company that advertised in the mail? Call (520) 792-3087 first. That's the number of the 'Don't Borrow Trouble' hot line, a new Pima County service that aims to steer Tucsonans away from predatory lenders and assist those who have already become involved with such lenders.
November 1, 2006 - Springfield, Illinois
The state of Illinois has fined payday lenders operating in the state over $500,000 since the Payday Loan Reform Act (PLRA) went into effect in December, 2005. Governor Blagojevich signed the Monsignor Egan Payday Loan Reform Act in June, 2005.
October 2006
October 31, 2006 - Chicago, Illinois
Governor Rod R. Blagojevich announced today that the Payday Loan Reform Act (PLRA) he signed into law last year has helped thousands of Illinois borrowers save $6.4 million in loan fees and interest charges in just ten months.
October 29, 2006 - Madison, Wisconsin
Through programs aimed at youth and immigrants, credit unions in Wisconsin are carving out a niche to serve groups that might not be highly targeted customers at other financial institutions.
October 27, 2006 - Charleston, West Virginia
The only payday lender in West Virginia has left the state. First American Cash Advance pulled out of West Virginia sometime in July, Deputy Attorney General Jill Miles said today.
October 26, 2006 - Ardmore, Oklahoma
The Oklahoma Department of Consumer Credit is warning Oklahoma residents about online solictations from out-of-state payday loan companies and other financial services.
October 24, 2006 - Tucson, Arizona
The interest rates might reach 460 percent, but MesaCAN clients often tell the nonprofit's executive director, Pat Gilbert, that payday loan stores are what keeps them afloat.
October 22, 2006 - Chicago, Illinois
PLS Payday Loan Store locations in Alabama, Arizona, California, Illinois, Mississippi, and Wisconsin donated a total of $18,000 to community schools. The donations were part of a Back to School promotion, in which customers nominated local schools to receive $200 donations.
October 20, 2006 - Spartanburg, South Carolina
Advance America Cash Advance Centers, the nation's largest provider of short-term, unsecured loans, today awarded a $50,000 Advance America Financial Literacy Grant to United Way of the Piedmont to support financial literacy efforts in Spartanburg and Union counties.
October 18, 2006 - Washington, D.C.
President Bush signed the 2007 National Defense Authorization Act Tuesday. The Act includes an interest rate cap of 36 percent for payday loans made to military personnel.
October 14, 2006 - Tempe, Arizona
Mesa may soon join Tempe in regulating how far apart payday loan shops may be situated. This is a tempting but not necessarily good idea.
October 11, 2006 - Huntsville, Alabama
For a man without a dog in the fight, retired Army Col. Tom Brown uses fighting words. Even though he said he isn't campaigning for anyone, Brown held three news conferences Tuesday across North Alabama to criticize state Sen. Lowell Barron, D-Fyffe, for owning payday loan businesses which may have caused financial hardship to soldiers.
October 7, 2006 - Detroit, Michigan
With Michigan's economy in the tank - thousands of unemployed factory workers and underemployed service workers are looking for jobs and many people are struggling to pay their bills - you might expect business to be booming at payday loan centers.
October 7, 2006 - Fredericksburg, Virginia
When a Marine at Quantico Marine Corps Base couldn't pay off his $500 payday loan by the next payday, he kept extending it for a year and a half.
September 2006
September 29, 2006 - Pittsburgh, Pennsylvania
Pennsylvania banks shied away from the state's effort to provide loans to high-risk borrowers victimized by exorbitant rates on payday loans. But credit unions stepped up to fill the void, said the state Treasurer's Office.
September 29, 2006 - Little Rock, Arkansas
Members of Arkansas' congressional delegation said Friday that America has a responsibility to protect military service members and their families from predatory loans.
September 28, 2006 - Greensboro, North Carolina
As 2005 gave way to the new year, the NC Banking Commission handed down a decision shuttering the state's largest payday lending company; a little more than two months later Attorney General Roy Cooper announced a settlement with three others that would result in the industry for all practical purposes halting operations in North Carolina.
September 26, 2006 - Lexington, Kentucky
U.S. Rep. Geoff Davis, R-Ky., is backing a proposal to cap high interest rates for short-term payday loans to military service members at 36 percent, a spokesman said yesterday. The decision follows a week of attacks from an opponent and constituents for his previous opposition to the plan.
September 25, 2006 - Denver, Colorado
The number of Coloradans borrowing money from sub-prime lenders increased last year, according to data released Monday by the Colorado attorney general's office.
September 25, 2006 - Meridian, Mississippi
David B. Miller is a staff attorney with the Mississippi Center for Justice. An Editorial Board guest of The Meridian Star last week, he discussed the group's concerns over payday loan establishments and its upcoming legislative agenda.
September 25, 2006 - Spartanburg, South Carolina
Advance America, Cash Advance Centers will, in the company's words, 'respectfully and voluntarily refrain from making any payday advances to active, full-time members of the military effective October 15, 2006 except where strictly prohibited from doing so by applicable law.'
September 22, 2006 - Hattiesburg, Mississippi
Throughout the country, payday loans make up the newest and fastest-growing form of short-term lending. There are nearly 1,200 payday lenders in Mississippi. Payday lenders stress they are providing a needed service not available at traditional financial institutions.
September 22, 2006 - Richmond, Virginia
Predatory lending is not new. During biblical times, abusive lending practices were addressed by instituting strict standards, including banning the charge of interest to the poor (Exodus 22:25). Likewise, in the story of Zaccheaus (Luke 19:8-9), Jesus commended him for promising to repay the excessive fees he had exacted from the oppressed.
September 21, 2006 - Washington, D.C.
Congressional negotiators have decided that protecting military paychecks is more important than jurisdictional squabbles, and have agreed to include a 36 percent cap on loan interest rates and fees in the 2007 defense authorization bill.
September 20, 2006 - Frankfort, Kentucky
Northern Kentucky Congressman Geoff Davis, who has become embroiled in a debate over limiting predatory lending practices, says his proposal goes further than the 'knee-jerk reaction' amendment he opposes.
September 19, 2006 - Fort Worth, Texas
With state legislatures and the federal government cracking down on the payday loan industry, such lenders are coming up with new, creative ways to extend their business. Last month, First Cash Financial acquired a chain of used car dealerships. Now Cash America is extending its reach online by completing the purchase of CashNetUSA, a privately held online payday lender.
September 19, 2006 - Washington, D.C.
Tellers at the North Carolina State Employees' Credit Union noticed a troubling change several years ago: The first people in line on payday were high-cost lenders, waiting to cash checks from credit union members.
September 18, 2006 - Fort Worth, Texas
Cash America International, Inc. announced today that it has completed the purchase of substantially all of the assets of CashNetUSA. The acquisition, which was announced in mid-July, establishes a significant internet distribution channel for the Company to provide short-term cash advances to its customers. CashNetUSA has emerged as a leader in the online cash advance business since its entry into the market in early 2004. Today CashNetUSA serves customers in 27 states and will now complement Cash America's 758 lending locations.
September 16, 2006 - Washington, D.C.
Supporters of the payday lending industry petitioned members of the Senate on Thursday to block proposed limits on short-term loans to troops, saying the Defense Department is overreacting to the problems of a small number of servicemembers.
September 15, 2006 - Fayetteville, North Carolina
The federal government is looking at ways to protect soldiers from predatory payday loans that charge high interest rates. North Carolina has already cracked down on lenders, so local credit unions are now offering alternatives.
September 14, 2006 - Washington, D.C.
Following is the statement of Hilary B. Miller, President, Payday Loan Bar Association, regarding predatory lending practices directed at members of the armed forces and their dependents before the Senate Committee on banking, housing and urban affairs.
September 14, 2006 - Scottsboro, Alabama
Alabama State Senator Lowell Barron (D-Fyffe), a former owner or co-owner of at least 20 payday loan businesses across the state, says he will introduce legislation designed to protect consumers and regulate the companies during the next legislative session.
September 14, 2006 - Huntsville, Alabama
State Sen. Lowell Barron, once a major owner of payday loan outlets, says he just got out of the business and is now planning legislation to regulate it. Barron, D-Fyffe, outlined his reform plans this week in a meeting with Times editors and reporters.
September 13, 2006 - Cushing, Oklahoma
It is a fact of economic life in the Hobbesian world of capitalism that as the number of people mired in poverty increases so do the scum that prey upon them. Both those in poverty and their predators have skyrocketed in the Bush years.
September 13, 2006 - Washington, D.C.
Payday lenders, facing legislation they say could drive them out of business, offered the Pentagon a plan that would eliminate the profit they make in the military market but could keep Congress from setting a nationwide cap on loan rates to troops.
September 12, 2006 - Portales, New Mexico
Concerns over payday loans have military leaders looking for legal changes in the lending system. Charles Brown, a former airman at Cannon Air Force Base, said he found himself in financial trouble when using payday loans became a vicious cycle in his life.
September 12, 2006 - Springfield, Missouri
Gov. Matt Blunt announced this morning that nursing homes will no longer be allowed to run on-site payday loan operations to lend money to nursing homes' employees.
September 12, 2006 - Spartanburg, South Carolina
Advance America, Cash Advance Centers, prides itself on offering quick cash solutions to borrowers in need. Lately, the Spartanburg-based payday lender also has offered cash to its shareholders: up to 150 million dollars in the form of two stock buybacks.
September 10, 2006 - Washington, D.C.
Six months ago, John Elliott, a sailor based at Norfolk Naval Station, was having trouble keeping up with his bills, so he went looking for a quick source of cash to tide him over. He took out what's known as a payday loan, borrowing against future paychecks in exchange for money on the spot.
September 9, 2006 - Kennesaw, Georgia
TranDotCom Solutions, a leading provider of transaction management software, announced today the promotions of two key executives, as well as an addition to its management team. TranDotCom Solutions has enjoyed high double digit percentage growth over the past 6 years and continues to align itself as an industry leader.
September 8, 2006 - Jackson, Mississippi
Per capita, Mississippi ranks third in the nation in the number of check cashing/cash advance outlets, commonly referred to as payday lenders, according to the Mississippi Center for Justice.
September 8, 2006 - Sacramento, California
California Department of Corporations (DOC) has brought enforcement actions against four online stores that offer 'pay day loans,' on the ground that the stores have not been licensed in California.
September 8, 2006 - Hattiesburg, Mississippi
Drive down any city street and bet on spotting an establishment that repulses somebody. . . . The latest type of business under that kind of microscope is the storefront operation known most commonly as a payday loan store.
September 7, 2006 - Washington, D.C.
Sen. Jim Talent on Thursday renewed his push for legislation to stop payday loan companies from targeting military personnel.
September 7, 2006 - Birmingham, Alabama
A loan is a loan is a loan? Not exactly. There are regular loans governed by Alabama's Small Loan Act, which caps interest rates, depending on the amount borrowed, at either 24 or 36 percent a year.
September 7, 2006 - Chicago, Illinois
As Congress reconvenes this week, Governor Rod R. Blagojevich called on the chairmen and ranking members of the Department of Defense Reauthorization conference committee to protect members of the military and their families from the predatory practices of payday loan stores.
September 5, 2006 - Hill Air Force Base, Utah
State lawmakers may be calling for restrictions on loans made to military personnel following a recently released Department of Defense report that calls the payday loan industry harmful to the war on terrorism.
September 5, 2006 - Tucson, Arizona
Passing new laws to rein in payday lenders would not only save many American families from triple-digit interest rates and crushing debts but would also enhance our nation's security.
September 5, 2006 - Kansas City, Kansas
Two years ago, you couldn't find a single payday loan company at 95th Street and Antioch Road in central Overland Park. Today there are three, on separate corners. 'Those are the kinds of stores that you see in parts of town you don't want to live in,' said Lori Olson of Overland Park, a suburb recently ranked by Money magazine as the sixth-best place to live.
September 4, 2006 - San Diego, California
With a family to feed and no money for groceries, Navy Yeoman 2nd Class Damon LaForce recently did something the military is trying to crack down on: He went to one of the many payday-lending businesses near his base for an instant loan.
September 2, 2006 - Sacramento, California
A measure to curb payday-loan industry practices that target the military collapsed in the Legislature after some key backers shunned its weakened form and an Oceanside state senator who served in the Marines refused pleas by Camp Pendleton officers to support a crackdown.
August 2006
August 31, 2006 - Washington, D.C.
As many as one in five members of the armed services are being preyed on by loan centers set up near military bases that can charge cash-strapped military families interest of 400 percent or more, a new Pentagon report has found.
August 31, 2006 - Albuquerque, New Mexico
Tough new rules set to go into effect today to regulate payday lenders are on hold after a District Court judge ruled the governor and attorney general exceeded their authority.
August 30, 2006 - Columbia, South Carolina
If you believe a recent Pentagon report--and I do--payday lenders, title lenders and other predatory loan businesses threaten our national defense.
August 29, 2006 - Dallas, Texas
ACE Cash Express, a retail financial services provider, revealed fourth quarter financial results, reporting increased profit on a 27 percent growth in revenues.
August 28, 2006 - Arlington, Texas
First Cash Financial Services, Inc. today announced the acquisition of Auto Master, an automotive retailer and related finance company focused exclusively on the 'Buy-Here/Pay-Here' segment of the used vehicle market.
August 27, 2006 - Grand Rapids, Michigan
James Anderson just finished paying off a loan with an eye-popping annual percentage rate higher than 380 percent, but he couldn't have been happier. The loan was he borrowed from Approved Cash Advance, 823 28th St. SW, in Wyoming went to fix an air conditioner during the recent heat wave.
August 20, 2006 - Sarasota, Florida
The people who call Rosemarie Hayes for help never thought they'd be in trouble. Their reasons vary. Some had a car break down, others missed paying a bill or two. Then they saw the advertisements promising fast, easy cash - a loan until next payday.
August 18, 2006 - Kansas City, Missouri
The U.S. Department of Labor announced today that Q.C. Financial Inc., a payday loan establishment that operates under the name of Quick Cash, has paid $519,088 in back wages to 900 employees to correct violations of the overtime provisions of the Fair Labor Standards Act (FLSA).
August 18, 2006 - Mesa, Arizona
One councilman says Mesa's attempts to prevent the clustering of payday loan stores is akin to racism. 'It's nothing but an attempt to keep Hispanics out of White neighborhoods,' said Councilman Tom Rawles.
August 17, 2006 - Olympia, Washington
Washington state's Department of Financial Institutions (DFI) alleges that Check 'N Go of Washington, Inc. collected multiple checks from borrowers to secure loans. DFI said it intends to revoke Check 'N Go's license, impose fines, order restitution, and charge for the cost of the investigation.
August 16, 2006 - San Francisco, California
Allied Cash Advance has relocated its corporate headquarters from the Bay Area to Miami, citing the high cost of doing business in California, the company said Wednesday. The fast-growing company was founded in 1999 with a single location in Northern California.
August 16, 2006 - Seattle, Washington
In what it characterized as its largest-ever case against a payday lender, the state Department of Financial Institutions on Wednesday filed a statement of charges against Check 'N Go of Washington Inc. and said it intends to revoke the company's license.
August 16, 2006 - Spartanburg, South Carolina
Advance America, Cash Advance Centers, Inc., today announced that its board of directors has approved an extension of its stock repurchase program to cover an additional 100 million dollars of the Company's currently outstanding common stock.
August 15, 2006 - Washington, D.C.
The Pentagon has thrown its support behind a federal initiative to cap the annual interest rate of so-called 'payday loans' to military personnel at 36 percent.
August 13, 2006 - Hampton Roads, Virginia
Del. G. Glenn Oder, R-Newport News, has submitted a bill for the 2007 General Assembly session that will put new restrictions on the payday lending industry.
August 11, 2006 - Trenton, New Jersey
The New Jersey Supreme Court on Thursday held that a provision in a payday loan contract forbidding participation by the consumer in class-wide arbitration is unenforceable. The court decided that the appropriate remedy is to sever the provision and enforce the remaining valid portions of the arbitration agreement.
August 11, 2006 - Portland, Oregon
A statewide television and radio Public Education Partnership campaign touting the benefits of consumer-friendly, low-cost alternatives to payday loans begins airing on Monday.
August 9, 2006 - Salem, Oregon
Keizer leaders have decided that a state law restricting payday loans is enough for their city, even though it won't go into effect until next summer.
August 6, 2006 - Kansas City, Missouri
An impressive alliance of 70 consumer and veterans groups is supporting a congressional amendment to protect military personnel and their families from potential predatory loans.
August 4, 2006 - San Diego, California
Shipmates, I need your help in fixing two issues that are effecting our ability to meet our mission in the region. Financial indebtedness and alcohol-related incidents are taking a toll on our readiness, and the truth is both of these issues are totally preventable.
August 4, 2006 - Hampton Roads, Virginia
Last month, Del. Glenn Oder sat down with a car-title loan officer to find out how many ways he could get fleeced. To be fair, Oder doesn't characterize it as a fleecing. He considers it more of a fact-finding mission.
August 3, 2006 - Washington, D.C.
Credit counselor Yolanda Dixon spends more and more time trying to help soldiers at Fort Leonard Wood who have taken out short-term, high-interest loans against their paychecks.
August 2, 2006 - Los Angeles, California
Attorney General Bill Lockyer yesterday filed a $2 million-plus lawsuit against a local pay day loan company for violating a state law that prohibits such businesses from suing for triple the amount of the check when customers' bank accounts do not hold sufficient funds to honor post-dated checks written to secure the loan.
August 2, 2006 - Pasadena, California
A payday loan company with offices in Arcadia and Eagle Rock faces allegations of deceptive business practices and fraud in a complaint filed Tuesday by the California Attorney General's Office.
August 2, 2006 - Katy, Texas
It is no secret that payday loans are everywhere: in storefronts, on the Internet and in your Yellow Pages. A payday loan is a small, short-term loan that is intended to be paid back on the date of your next paycheck.
August 1, 2006 - Pasadena, California
California Attorney General Bill Lockyer today filed a million-plus lawsuit against Los Angeles County-based Fast Cash for violating a state law that prohibits payday loan businesses from suing for triple the amount of the check when customers' bank accounts do not hold sufficient funds to honor post-dated checks written to secure the loan.
August 1, 2006 - Mountain Home, Arkansas
A Mountain Home payday lending business that closed in July is allowed to continue collecting loans from its customers, even though it was operating without a state check-cashing license.
July 2006
July 28, 2006 - Portland, Oregon
Governor Kulongoski today announced a new consumer campaign--including a 1-800 hotline and web site--promoting payday loan alternatives and encouraging working Oregonians to avoid these high-interest loans.
July 28, 2006 - Spartanburg, South Carolina
Considering their growth over the past decade or so, so-called payday lenders are providing a much-needed service by lending customers small amounts of money -- often as little as $50 and sometimes as much as $3,000 -- for a brief period ... usually until the customer gets his or her next paycheck.
July 27, 2006 - Fort Worth, Texas
Cash America International, Inc. (NYSE:CSH) announced today that net income for the second quarter ended June 30, 2006 increased 58 percent to $10,913,000 (36 cents per share) compared to $6,900,000 (23 cents per share) for the same period in 2005.
July 26, 2006 - Spartanburg, South Carolina
Advance America, Cash Advance Centers, Inc. (NYSE: AEA) today reported the results of its operations for the second quarter and six months ended June 30, 2006.
July 26, 2006 - Austin, Texas
EZCORP's net income for the quarter ending June 30, 2006, increased 163% to $5,608,000 ($0.40 per share) compared to $2,129,000 ($0.16 per share) for the quarter ended June 30, 2005.
July 26, 2006 - Baton Rouge, Louisiana
One elderly Acadiana area woman calls into the local Better Business Bureau office because she doesn't understand why her Social Security check is being deposited directly into her local payday loan company's bank account.
July 23, 2006 - Yokosuka Naval Base, Japan
You get a regular paycheck. You may have little financial experience. You deploy at a moment's notice around the world. That's why the military is the perfect prey for predatory lenders.
July 22, 2006 - Louisville, Kentucky
Louisville's Republic Bancorp yesterday reported a 28 percent profit decline for the quarter ended June 30, primarily because of the discontinuation of the company's payday-loan business.
July 20, 2006 - Phenix City, Alabama
Meet John Gill Jr. For at least 14 years, various payday loan schemes he operated around the country have made him a very rich man.
July 20, 2006 - Mountain Home, Arkansas
A Mountain Home check cashing business has closed, partially complying with an administrative order issued last month, a state regulatory official said Wednesday.
July 19, 2006 - Orlando, Florida
The Florida unit of EZCorp Inc., one of the nation's largest pawn-shop chains and payday lenders, is taking heat from state regulators who accuse it of operating unlicensed offices and stonewalling an investigation of its lending activities.
July 16, 2006 - Charleston, South Carolina
As a leading advocate for the low-income community, attorney Susan Berkowitz has seen firsthand the perils of payday lending.
July 15, 2006 - Albuquerque, New Mexico
David Seely feels like scratching his head when he hears payday and car-title loan companies squawking about being squeezed out of business if New Mexico caps interest rates at 36 percent or 54 percent or 60 percent.
July 15, 2006 - Albuquerque, New Mexico
Emily Bihn doesn't know what she and her young family would have done without payday loans. Between August 2003 and January of this year, Bihn, her fiance and their two little girls depended on a series of loans averaging each to pay for rent, food, gasoline, clothes -- the necessities.
July 14, 2006 - Albuquerque, New Mexico
The job of making small, short-term and very high-interest loans is one of the fastest growing businesses in the United States. New Mexico has 700 payday and car-title stores. Around the country: more than 22,000. And in New Mexico, a poor state and thus fertile ground, the payday and car-title industry is pretty much free to stampede because no laws control it -- even though some of the state's most prominent political figures are passionate about reining it in. So why haven't they done so? Attorney General Patricia Madrid can tell you something about that.
July 12, 2006 - Chicago, Illinois
Members of a legislative rule-making committee on Tuesday blocked Gov. Rod Blagojevich's administration from imposing highly touted restrictions on short-term lenders and complained that the agency director pushing for the change was politicizing the issue.
July 10, 2006 - Belmont, California
Cash America International said Monday it will buy CashNetUSA for million in a move to give the brick-and-mortar loan company a better online distribution channel for short-term cash advances.
July 9, 2006 - Pensacola, Florida
Active-duty personnel are three times more likely than civilians to take out a payday loan, according to the Center of Responsible Lending. They have a steady income from the government, often with little to spare.
July 7, 2006 - Des Moines, Iowa
John Edwards, a White House hopeful, focused on the problem of predatory lenders in his first swing through Iowa since a statewide poll gave his potential presidential campaign a boost.
July 7, 2006 - Springfield, Illinois
The Blagojevich administration and Attorney General Lisa Madigan took action Thursday to stop what they allege is a consumer protection violation by payday loan company AmeriCash Loans LLC of Des Plaines.
July 7, 2006 - Salem, Oregon
With its two most recent articles ('High title loan costs unchecked' and 'Payday lenders look for ways around cap,' July 2), The Oregonian continues its one-sided and unjust assault on both providers and users of short-term loans.
July 6, 2006 - Salem, Oregon
In recent news on the misguided attempt of Portland, Gresham, Troutdale, Silverton and now Beaverton to regulate the terribly misunderstood and wrongly maligned payday loan industry, Beaverton City Councilor Dennis Doyle, however well-intentioned, makes some statements that highlight the gross ignorance that clouds this issue.
July 5, 2006 - North Central Arkansas
A member of an Arkansas lending advocacy group said the recent 1.3 million dollar fine against an Arkansas payday lender is a 'big step in the right direction.'
July 3, 2006 - Arkansas
The owner of 14 payday lending businesses in Arkansas, including businesses in Cabot, Beebe and Searcy, was fined 1.3 million dollars Wednesday for operating without a license and ordered to immediately cease, but all 14 are still open and the state board that handed down the order will have to take him to court to enforce it.
July 2, 2006 - Salem, Oregon
Some payday lenders may already be maneuvering to skirt a state law that will not take effect for another year, state officials say.
July 2, 2006 - Detroit, Michigan
Driving north on Woodward Avenue through Royal Oak the other day, I spotted a window sign proclaiming good deals on those quick-fix, high-cost, payday loans.
June 2006
June 28, 2006 - Springfield, Illinois
Just months after Illinois cracked down on the short-term loan business, Gov. Rod Blagojevich is making another push for restrictions to protect consumers: a push the industry says goes too far.
June 27, 2006 - Little Rock, Arkansas
The nation's largest payday lender stopped offering payday loans across Arkansas late last week, but Advance America said Monday it would keep doing business in the state.
June 26, 2006 - Wichita, Kansas
Fidelity Bank billboards across Wichita advertise the bank's personal overdraft protection program as 'Your checkbook's best friend.'
June 22, 2006 - Pittsburgh, Pennsylvania
Just three months after exiting the controversial payday lending business in Pennsylvania under pressure from state and federal regulators, payday titan Advance America is back with a new type of short-term, high-priced loan for people strapped for cash.
June 22, 2006 - New York, New York
Analyst John Hecht of JMP Securities upgrades Advance America Cash Advance Centers (ticker: AEA) from 'market perform' to 'market outperform,' while raising his estimates for the company. The 12-month target price is set to $18.
June 20, 2006 - Baton Rouge, Louisiana
They carry innocuous names like Doctor Check, Money Mart and Cash Cow. But critics of payday-loan stores say the high-interest products they peddle are anything but harmless and should be outlawed.
June 19, 2006 - Wichita, Kansas
If you wanted evidence of the kind of money payday lenders are making -- and are willing to shell out to protect their highly lucrative industry in Kansas -- look no further than the surreal scene that unfolded in Wichita earlier this month.
June 19, 2006 - Merrillville, Indiana
Having served as head of the region's Better Business Bureau for the past 41 years, Morris Cochran is well aware of the potential problems posed by cash advance businesses and other ventures targeting low income consumers.
June 17, 2006 - San Diego, California
In an unusual lobbying effort, military brass plan to visit Sacramento next week to plead with legislators to significantly amend a bill they fear could worsen the problem of 'predator lenders' targeting military personnel.
June 16, 2006 - San Diego, California
If you're still not sure on how you can get trapped in the jaws of a payday lender, here is the following scenario to break down the situation. The Scenario: Joe Sailor has a past-due bill. He writes a post-dated check for to a local payday lender.
June 10, 2006 - Auburn, Alabama
'The rich rule over the poor and the borrower is servant to the lender.' Anyone who has ever been in debt has experienced the truth of this biblical proverb. And let's be honest with each other: debt is something we know about.
June 9, 2006 - Wichita, Kansas
Critics of high-interest, short-term loans are seeking tighter restrictions on an industry they say is keeping poor people in a cycle of debt. At least 64 businesses in Wichita offer payday loans, and opponents say that makes it too easy for people to get in over their heads.
June 9, 2006 - Point Loma Naval Base, California
The head of a newly-formed task force said the Navy has a different kind |
