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 payday loans
Most rediculous statement of the day
“these are toxic loans, just like those in the disastrous subprime mortgage industry, because they are made knowing that desperate borrowers cannot repay the loans when they become due.”Do they really think lenders do NOT want to get paid back? This rediculous comment was brought to you by Legal Aid Society’s litigation director Peter M. […]
Also posted in Wisconsin
Wisconsin legislature entertaining 36%
Same story different state. I guess we’ll see what happens. I thought this was worth sharing: Payday lenders have seen an explosive growth of 391 percent in Wisconsin over the last ten years, rising to $723 million in loans in 2008 from $147.2 million in 1998.There’s lots of demand out there. You can read the […]
Also posted in Wisconsin
Phony debt collectors
Allegedly, there are phony debt collectors trying to get money out of consumers. The Better Business Bureau thinks it’s a data breach. I’m not saying that this is not going on, but can they confirm that victims do not have any payday loans currently outstanding. Regardless of the validity of this claim, the collection tactics […]
Posted in Internet payday loans
Wisconsin strikes again
If you’re an Internet lender in Wisconsin, you better keep your head on a swivel. Although Arrowhead Investments admits to no wrong doing, they settled the class action law suit. The agreed to forgive all the debt and pay back $180k. “The Justice Department said approximately 1,300 consumers could receive relief. The settlement covers Wisconsin […]
Posted in Internet payday loans
Internet Payday Loan Mess
The Little Loan Shop has a big problem (badabing). They’re filing for bankruptcy protection claiming that it owes more than $100M to 1,300 investors. Many investors are accusing the principal, Doris Nelson, of running a ponzi scheme. The deal is just a mess. How do you turn $100M into $2.7M in accounts receivable? I feel […]
Posted in Internet payday loans
Payday loans Internet Fraud
This is a follow up on an a story from a week ago, in the Chicago Tribune. Here are the facts: Contract worker at AT&T steals 21,000 employees identities. Gets $70k in payday loans. Payday One and QuickClick are the victimized online payday lenders. Here’s what’s wrong w/ the article: The Chicago Tribune reporter blames […]
Posted in Internet payday loans
