The organizers of a new program to help people get out of the payday loan debt cycle have been inundated with requests from Ottawa residents. “It was quite overwhelming,” said Doug Pawson of the Causeway Work Center, a community non-profit group in Ottawa. “We received many inquiries and it was
Some 100,000 payday loan users who borrowed from the defunct Cash Store or Instaloans branch in Ontario can get their share of a $ 10 million class action settlement. Ontarians who took out payday loans or lines of credit from either lender after September 1, 2011 are encouraged to file
TORONTO – A study by a Toronto-based company indicates that the rate of insolvent borrowers using payday loans in Ontario has increased for the sixth consecutive year. Insolvency Trustee Firm Hoyes Michalos & Associates says 31% of insolvent borrowers used the loans in 2017, up from 27% the year before.
Ultimately. In a 21-9 vote this afternoon, the Ohio Senate passed a long-awaited payday loan reform bill which had repeatedly been delayed and threatened with debilitating amendments by vigorous lobbying from payday lenders. Eventually, common sense prevailed. GOP Senate leaders may have wisely decided to no longer appear to bow
Over 1 million short-term loan users are expected to see their borrowing costs drop due to new price caps on payday lenders taking effect on Friday. However, early indications show that many of the bigger players in the industry will charge the maximum amount they are allowed under the new
You might not realize it, but Colorado laws prevent predatory lending by setting the upper limit that banks can charge on loans at an APR of 35%. Not that we would ever recommend anyone to go into debt at this overwhelming level of interest, but it’s good consumer protection policy
Forget our story of donuts-born here. And this “City of Waterfalls” campaign. This city has a new claim to fame. Welcome to Hamilton, payday loan heaven. Maybe you thought we had enough already. Money Mart, Cash 4 You, Cashmax, Speedy Money, Cash Money, Cash Store, Money Direct. The city center
Texas has a law strictly limiting payday loans. But since this limits lenders to a fraction of what they prefer to charge, for over a decade they have ignored it. To evade the law, they first partnered with banks because banks, which are federally regulated, can legally offer loans in