Minneapolis-based U.S. Bancorp, Wells Fargo & Co. of San Francisco, and Fifth Third Bancorp of Cincinnati — are now marketing payday loan type products, with triple-digit interest rates, to their checking account customers. “Banks are in a strong position to steal a big chunk of the $35 billion-a-year payday lending market — with its estimated […]
Category Archives: Internet Lending
Major Internet lending ruling handed down in Pennsylvania
The state of Pennsylvania ruled 4-3 against Cash Net USA. I smell an appeal. What’s interesting is Cash Net USA’s defense, which I think is very clever. Attornies for Cash Net USA argued: Pennsylvania’s 72-year-old banking regulations could not anticipate the advent of the Internet, and thus make no mention of out-of-state lenders. You can […]
Posted in Internet Lending
Atleast $70k fraudulent Internet loans
“A temporary employee for AT&T was arrested today on charges she stole personal information on 2,100 co-workers and then pocketed more than $70,000 by taking out short-term payday loans in the names of 130 of them.”That’s pretty scary. I wonder what the lenders could have done differently. Didn’t they realize that all the money was […]
Talk about a judgemental article
A dollar today is worth less than a dollar tomorrow. The big question is “How much?”. The answer is context. How bad do you need that dollar? I think this article is extremely judgmental. It completely lambastes an internet lender. The writer should find a way to help the people that use this product and […]
Posted in Internet Lending
Online Loan Sharks Trap People Into Debt — Then Disappear
Ok. Let’s get past the bullshit title of this blog post in the Huffington Post. Online payday lending is a completely different ball game. Most of the websites are lead generation companies. OLA has to become more transparent, if they want to be effective. I’m sure lenders do not want to advertise this way b/c […]
Also posted in national
Payday lenders and Indian Tribes
John Nyhan, a California attorney for two Indian tribes told the newspaper that the lenders “have immunity” from state laws. West Virginia does not agree. “A suit in West Virginia settled last fall closed the accounts of nearly 1,000 customers and reached agreements with lenders affiliated with the Miami and Modoc tribes of Oklahoma […]
Posted in Internet Lending
West Virginia is Insane
Here’s what the West Virginia state’s attorney had to say about payday lending in the Times West Virginia: “It’s a very very shadowy industry, and it operates very much off the grid. The only answer to payday lending is to ban it.” Talk about taking the moral high ground. Now, payday loans are illegal in […]
Also posted in West Virginia, Wisconsin
The brains behind Cash Net USA
Cash Net USA is the largest online payday lender. Crain’s magazine highlights the Subprime Millionaire, Al Goldstein. It looks like Al is hanging up the online payday business to become a landlord. Mr. Goldstein is reportedly going walk away with $70M at the age of 28 after paying out his investors. Considering that Cash Net […]
Posted in Internet Lending
State governments start to notice online payday lenders
There is no doubt that there are lots of Internet payday loans being processed everyday. State governments are starting to notice. They want Internet lenders to follow the same rules as brick and mortar lenders in their state. Most states have already adopted this stance, but it’s worth mentioning when it’s in the news. The […]
Also posted in Idaho
Internet Lender hit with $60k class action suit
Tremont Financial settled a class action law suit for $60k. The state of Wisconsin alleges that the company’s loan contracts violated certain provisions of the Wisconsin Consumer Act. Each borrower that paid them will get $329.81 and they will forgive all the debt for their other outstanding loans. Now, I’m pretty sure Tremont is an […]
Also posted in Wisconsin
