Payday Loan Weblog

Payday Loans Industry in Oregon –preying rather than paying

The government officials and the consumer groups at Oregon allege that the payday loan industry is unduly exploiting the crisis situation of the borrowers. The borrowers are forced to bear the exorbitant rates of interest in hope of finding a quick fix solution to their financial crisis. All efforts by the government to enforce a standard rate of interest to bring the unbelievable high rate of interest charged have been lobbied out. The payday loan industry continues to thrive in Oregon.

Payday Loans – Do Have Alternatives

With a high percentage of Americans who are living on paycheck-to-paycheck basis, many individuals have resorted to taking out extremely expensive payday loans. Debt Wave Credit Counseling which is a non-profit organization that provides personal-finance education and counseling nationwide lists some less expensive options to bridging the gap between paychecks The truth is that these payday lenders can be the most expensive loans on the market, often charging fees that equate to 300-1000% annual percentage rates. Thus in the following way Debt Wave Credit Counseling offers alternatives to Payday Loans.

Payday loans in Oklahoma – a ticking time bomb

Payday loans, an emergency cash solution, are being availed by people for paying for their living expenses. A Tulsa based Community research center reveals that spread of payday loans has resulted in the avoidable habit of chronic borrowing. Despite statutory limitations, payday loans companies operate 415 outlets. People treat payday loans as if they are similar to credit cards and end up getting stuck in debts. This phenomenon is alarming because such people will soon be forced to fallback on public funds owing to their addiction to payday loans.

Michigan- et tu Brutus??

The state of Michigan has joined the list of states that have found it necessary to take action against payday loan regulations. Like all others states, payday loans is being making and enforcing strict rules and regulations. The state is making it compulsory for all payday loan providers to be registered with the state. The state of Michigan has imposed a timeframe within which it expects all payday loans providers to fall in line.

Kansas – legislators out to limit total number of payday loans drawn by the borrowers.

The legislators at Kansas are thinking of limiting the number of payday loans one consumer can draw in all. They are concerned for the overdrawing consumers who end up deeply indebted. They also can’t ignore the need of these loans to the otherwise disqualified borrowers. Current provisions limit number of loans a borrower can have from one lender but not overall. This bill interferes in financial decisions of the borrower but otherwise the loan is indispensable so one can only prevent payday loans from springing out of control.

Senator all set to arrest the predatory Payday Lending

Senator Dave Hansen of Green Bay accused the payday loan givers of trapping the poor by making themselves out as a convenient and easy source of cash loans. Trying his best to alert people of dangers of payday loans, the Senator called upon the credit unions and community banks to step forward and provide alternatives. He opined that the popularity of payday loans stemmed from lack of viable alternatives. He wished to introduce finance reforms to abolish the “practice of predatory lending”.