A new study by the CFPB shows how payday loans and direct-deposit advances can negatively impact consumers.
A new study shows that even at large banks, payday loans are risky for consumers and can lead to a downward financial spiral for borrowers.
Subprime borrowers don’t always deserve a bad reputation. One of the problems may be the way traditional lenders measure risk.
A group of senators is asking regulators to investigate high-interest payday loans being made at major banks.
Today on Bankrate.com, learn where you can find brief sales-tax relief and why you should work at becoming an Olympian in the near future.
A nationwide payday lender that tried to collect loan payments by tapping consumers’ paychecks without a court order has agreed to stop this practice — at least for now. That’s according to the Federal Trade Commission, or FTC, which filed a complaint against the lender in U.S. district court. The complaint alleges that Payday Financial
A petition drive is under way in Missouri to qualify a ballot initiative that would cap the interest rate on payday, car title, installment and consumer credit loans in the state. If successful, the effort would place the following question before Missouri voters on the November 2012 state ballot: “Shall Missouri law be amended to
Americans with credit card debt, payday loans and other high-cost consumer debt are more likely to have difficulty saving, according to a new national survey. About two-thirds of Americans with credit card debt reported having difficulty saving a portion of their paycheck, according to a survey by America Saves and Experian, a major credit reporting
Beginning in 2011, all new recipients of Social Security, Supplemental Security Income, Veterans Affairs and Railroad Retirement pay will receive it either through direct deposit into their bank accounts or via a prepaid debit card if they don’t have a bank account. Existing recipients have to sign up for one of these options by March
Would you pay $2.50 to borrow $20 for one day? A week? A month? Perhaps if you were desperate enough, you would. But do the math and you’ll figure out that a $2.50 fee on a $20 loan for 30 days works out to an annual percentage rate, or APR, of about 150 percent. Cut the term