If the Wisconsin Senate gets its wish, the state’s payday loan merchants could start adding on services. From annuities to insurance to financial advice, this new bill has folks scratching their heads. While payday loan merchants know that most coming in are in need of financial help, the fact that they are offering up financial services seems fitting. However, due...
New proposed rules by the Consumer Financial Protection Bureau (CFPB) would lead to substantial consolidation in the short-term payday industry of almost 70%. For the last few years, the CFPB has warned that it may take action against payday lenders due to claims that payday lenders perpetuated consumer debt. A recent report by global consulting firm, Charles River Associates, projected...
The federal government is starting to be more aggressive in its oversight of the payday loan industry. The Federal Consumer Protection Bureau is investigating the integrity of payday loans, noting that over 80 percent of people who receive these loans have to apply for another loan within 14 days. The CFPB wants payday lenders to review a borrowers’ ability to...
Some states and lawmakers want more stringent laws concerning payday loan companies. What they do not realize is that for the few bad seeds, there are hundreds, if not thousands, of respectable, legitimate payday loan companies that are suffering. A few years ago, stiff regulations were enacted, and since then, very few problems have come along. South Dakota wants payday...
After much anticipation, the Federal Reserve has at long last released their blueprint for faster payment processing in the United States. Despite the Fed’s caution and wary approach, those in the payment processing industry, especially those with payday loan merchant accounts, are eagerly anticipating the modernization of payment in the United States. Many merchants operating with a payday loan merchant...
Payday loan regulation advocates will not be getting their way in the 2015 legislative year in Louisiana. For the last few years, consumer advocates have pushed for constraints on the number of payday loan companies in the state and the amount of interest these organizations charge. Consumer advocates tried, and failed, to point out that payday loans may hurt citizens...
The CFPB, or Consumer Financial Protection Bureau, has delayed three major announcements and implementations for 2015. While some are happy that these new regulations will not happen as expected, the vast majority of merchants and customers are not. While its delays could harm merchants, there are things that you can do to protect your payday loan business, regardless of their...
The Consumer Financial Protection Bureau has pushed back three anticipated decisions, one of which is a proposal on payday lending. The proposal on payday lending is set to be addressed within the first seven months of 2015. Payday lending companies like, Cash America, EZCORP and First Cash Financial, are expressing relief at the delay as many in the industry fear...
It might be odd to consider some businesses are high-risk, even if they have the perfect credit rating, in their business and in their personal life. However, sometimes the business itself creates a high-risk and not the financial side of the business at all. If your business is high-risk, it doesn’t mean that you are not able to get hold...
Once upon a time cash was the medium of payment for goods and services bought; however in the modern world, credit and debit cards are the preferred choice for payment. Thus a merchant account is absolutely necessary for not only face-to-face sales but for those via phone or internet. Merchant accounts for payday loans companies are vital – but often...
