Another View: Stop payday sharks
ONE can only imagine how the Golden State would shine if it had a plurality of state lawmakers with the moral character of Holly Petraeus.Petraeus, wife of CIA Director and retired Army Gen. David Petraeus, has become an impassioned advocate for returning military veterans. In that capacity, she has taken on for- profit colleges and payday lending outfits that are trying to shake dollars loose from men and women who have served their country.
Yet instead of the likes of Petraeus, we have the Calderon brothers. Assembly Majority Leader Charles Calderon, D-Whittier, and Sen. Ron Calderon, D-Montebello, are the Assembly and Senate's largest recipients of campaign cash from the payday loan industry. And both have played key roles in making California the epicenter for this predatory form of lending, as the San Jose Mercury News reminded us last Sunday in an investigative report.
According to the Mercury News, the number of annual payday loans in California has increased from 10 million in 2006 to 12 million last year, even as more and more states restrict the practice. Some 17 states and the U.S. military have now effectively banned payday loans, which take advantage of low-income people seeking a cash advance on their paychecks.
At most payday shops, a borrower can get a loan in exchange for a postdated check, which he or she agrees to pay off in two weeks or a month. In California, lenders usually charge a 15 percent fee, or $45 on a maximum $300 loan.
Yet all too often, borrowers must take out another loan to pay off the previous one, pulling them into a spiral of debt. Over the course of a year, a borrower taking out multiple payday loans can end up paying an annual interest rate of 460 percent.
In 2006, the Department of Defense described payday lenders as "predatory" and a threat to troop morale and national security. Congress passed a law capping interest rates at 36 percent on payday loans made to U.S. military service members.
stopping payday loans - News
In a desperate economy, it is reported that Ms. Creasy wants to stop the "legal loan sharks" by putting a cap on interest rates charged on products such as payday loans before Christmas when a boom in applications is expected.
And both have played key roles in making California the epicenter for this predatory form of lending, as the San Jose Mercury News reminded us last Sunday in an investigative report. According to the Mercury News, the number of annual payday loans in
"Or, 'They took out $2000,' or, 'They won't stop taking money out.' " Common online payday loan complaints include excessive fees, charging more than the stated interest rate, unauthorized account withdrawals, no paperwork to document the loan and no
"This Government is determined to ensure consumers are protected from unscrupulous practices in the pay day lending industry," he said. Cash Converters spokesman Glenn Donaldson said it was misleading to suggest taking securities over small loans was
One of the main reasons why many Brits resort to punishingly expensive payday loans is to ensure they don't 'miss out on a bargain', I learned today. Yes, according to payday loan firm Ferratum more and
Stop payday loan sharks - Press-Telegram
One can only imagine how the Golden State would shine if it had a plurality of state lawmakers with the moral character of Holly Petraeus.
Petraeus, wife of CIA Director and retired Army Gen. David Petraeus, has become an impassioned advocate for returning military veterans. In that capacity, she has taken on for-profit colleges and payday lending outfits that are trying to shake dollars loose from men and women who have served their country.
Yet instead of the likes of Petraeus, we have the Calderon brothers. Assembly Majority Leader Charles Calderon, D-Whittier, and Sen. Ron Calderon, D-Montebello, are the Assembly and Senate's largest recipients of campaign cash from the payday loan industry. And both have played key roles in making California the epicenter for this predatory form of lending, as the San Jose Mercury News reminded us Sunday in an investigative report.
According to the Mercury News, the number of annual payday loans in California has increased from 10 million in 2006 to 12 million last year, even as more and more states restrict the practice. Some 17 states and the U.S. military have now effectively banned payday loans, which take advantage of low-income people seeking a cash advance on their paychecks.
At most payday shops, a borrower can get a loan in exchange for a postdated check, which he or she agrees to pay off in two weeks or a month. In California, lenders usually charge a 15 percent fee, or $45 on a maximum $300 loan.
Yet all too often, borrowers must take out another loan to pay off the previous one, pulling them into a spiral of debt. Over the course of a year, a borrower taking out multiple payday loans can end up paying an annual interest rate of 460 percent.
In 2006, the Department of Defense described payday lenders as "predatory" and a threat to troop morale and national security. Congress passed a law capping interest rates at 36 percent on payday loans made to U.S. military service members.
Bad Credit Is Not Stopping Payday and Personal Loans Here - From what we've experienced, individuals and... 
stopping payday loans