Time to regulate payday loans

Time to regulate payday loans

This editorial appeared in a recent edition of The Daily Times in Farmington:
Each day, people who are struggling to make financial ends meet, and whose credit is less than good, head to a quick-fix lender for the money they need.
These people are single parents faced with a medical emergency or folks with car repair bills for the vehicle they need to get back and forth to work. All are struggling to get by, and need a little financial boost.
In return, they are charged a sky-high interest rate, but at least they can pay their bills for now. Payday loans are kind of a poor man’s credit card and arguably provide a service for those in one-time need.
Unfortunately, some businesses routinely prey on the working poor and create a vicious cycle of desperation, with payday loans turning out to be a life sentence of payday interest-paid-only. The loan is never retired.
That’s when such services turns into predatory lending.
It is time laws were passed that will help protect those people from companies that exploit them and the circumstances they endure.
It is time state and federal legislators put a cap on how much interest predatory lenders can charge.
Local payday loans can charge customers 782.14 percent annual percentage rate, which means if a customer borrows $100 and promises to repay it in a week, they will be charged $15 in interest — a high price to pay for that $100.



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Christmas loans at an all time low rate of interest intends to relieve you of the Christmas cost. - Loans Fiesta

Christmas loans at an all time low rate of interest intends to relieve you of the Christmas cost.

An increase in expenses during Christmas is not unusual for the residents of the UK. There are many who have a more or less similar story. With the festive season on its all time high, such occurrences are commonplace. Restrictions on purchase posed by a limited income are done away with through a Christmas loan.

Christmas loans are preferred by many residents of the UK as a method of financing Christmas expenses. Additionally, Christmas loans will come as a much cheaper method of drawing finance as compared to credit cards and overdrafts drawn under it, which comes at a heavy price. Festive discounts and an all time low rate of interest from Loansfiesta allows you to benefit from, and make your Christmas as never before.

Loansfiesta keeps the ease and convenience of its customers supreme. Processes are designed according to these guiding principles. No paperwork is required for Christmas loans up to £5000. The processing of loan is initiated by a single phone call only. Christmas loans resemble credit cards where overdraft is drawn with equal ease. Eligible borrowers get loans in excess of this amount.

Is the range of options being offered too limited? Loansfiesta will surely be helpful. Borrowers no longer can be forced to accept loans on terms of the lenders. With the large number of loan providers cropping up in the UK, borrowers will flock to the competitors unless presented with their desired terms. Customers specifications are the guiding principle to further modify Christmas loans for the better.

Loansfiesta’s entire range of loan and mortgage products is credited with a similar unmatched quality. Strict guidelines have been issued to associate lenders and its own representatives to stick to borrower specifications in all kind of loans like secured loan, debt consolidation loan, education loan; and mortgages like first time buyer mortgages, council right to buy mortgage, and self certification mortgages.

Representatives of Loansfiesta are available round the clock to deal with any query that borrowers may have on Christmas loans. Contact Loansfiesta on its website www.loansfiesta.co.uk.






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Big crowd debates payday loans

Big crowd debates payday loans
By Brook Stockberger
Oct 6, 2005, 07:30 am

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Joel Cruz-Esparza, head of consumer protection for state Attorney General Patricia Madrid’s office, talks Wednesday at Thomas Branigan Memorial Library about proposed regulations and rules for payday and car title lending businesses. (Sun-News photo by Norm Dettlaff)
State Attorney General Patricia Madrid has proposed new rules and regulations for payday and car title lending businesses.

In Las Cruces at the Thomas Branigan Memorial Library Wednesday, her office held the second of five public hearings scheduled for around the state, and her representatives were met with a sea of yellow.

Joel Cruz-Esparza, head of consumer protection for Madrid’s office, estimated that about 120 people were on hand for the hearing.

More than 40 of them either wore yellow shirts or buttons with the words LoanMax written on them. They were customers of the company LoanMax, which has a location in Las Cruces at 2309 E. Lohman Ave.






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