Minnesota allows payday lending. They have a goofy fee structure: $5.50: $0-$50; 10%+$5: $51-$100; 7% (min. $10) + $5: $101-$250; 6% (min. $17.50) + $5: $251-$350 (After default: 2.75% per month) In 2009, they required Internet lenders to be licensed in the state. The DA is going after the following lenders: East Side Lenders of […]
Category Archives: Internet payday loans
“To get licensed or not to get licensed? That is the question.”
This is an update to an Internet lending class action settlement. We reported back in July that the state of Wisconsin had settled a case w/ an online lender for $180k and forgave $432k in debt. The lender, Arrowhead Investments LLC, was not licensed to give loans in the state of Wisconsin. This is official […]
Also posted in Wisconsin
Will Indian tribes get immunity on Internet payday loans?
In Colorado, the state Supreme Court soon will take up a case where two online payday lending companies say they are immune to prosecution and state regulations because they are incorporated by sovereign Indian nations. This is not new. We all know about Indian casinos. The casinos work b/c people enter the Indian reservation and […]
Posted in Internet payday loans
More on West Virginia prosecution of Internet lenders
Yesterday we had a post about the Attorney General going after some Internet lenders. There’s more: The second suit filed by McGraw’s office asks the court to order four collection agencies, Capital Collections, LLC, Claims Investigators of America, Crime Monitoring Center, and Premier Recovery Group, to comply with his investigative subpoenas and to stop collecting […]
Also posted in West Virginia
West Virginia playing hardball w/ internet payday lenders
Four Internet lenders are playing chicken w/ the West Virginia district attorney. “The suit claims the companies, which do business under such names as “Cash Supply,” “Web Payday,” “Payday Services,” “Payday Yes” and “Paper Check Payday,” have ignored an investigative subpoena from the Attorney General’s Office going back to 2007.” You can read the full […]
Posted in Internet payday loans
A big warning if you offer internet payday loans in New York
“The two companies–County Bank Of Rehoboth Beach, Del., and TC Services Corp., a Pennsylvania payday business that does business as Telecash–agreed to pay refunds to New York consumers and another $300,000 in penalties and costs. In addition, the two companies are prohibited from collecting on any outstanding payday loans to New Yorkers. According to the […]
Posted in Internet payday loans
Payday loans are easy to understand
If you think that bank overdraft fees are a necessary evil, you should be able to understand the need for payday loans. Both products carry similar APRs, but different stigmas. Overdraft fees have no disclosure and the bank customer has absolutely no say. Payday loans, on the other hand, are a very straight forward and […]
Also posted in overdraft fees
Arkansas still chasing payday lenders
Arkansas ran the last of its payday lenders out this past year. Now they’re setting their eyes on Internet lenders. Their district attorney has sent out over 30 warning letters to Internet lenders. It will be interesting to see how this plays out. I’m sure many of these lenders are off shore companies or Indian […]
Posted in Internet payday loans
Internet lender pay a cool million to stay in business
We discussed this story back in February. The FTC and state of Nevada were all over a few internet lenders titled “Nevada Internet Lenders Under Fire“. A few days ago, they settled for a cool $1 million. The split was around $30k to the state of Nevada and $970k to the FTC. I guess the […]
Posted in Internet payday loans
Payday Pundit shines light on payday alternatives
The Payday Pundit shines a light on payday alternative loans. The blog is titled, “$120 for a $100 Loan.“ Note to legislators: It costs money to do business. The people that pay, pay for the people that don’t pay. I don’t see payday lenders getting government bailout money. Payday lenders know the true cost of […]
Posted in Internet payday loans
