Los Angeles Times For seven months, Macey struggled to make minimum monthly payments, though the balance of the loan never seemed to budge. She feared the lender would soon take her car, which she needs for work. “I thought they would come in the middle of the night,” she said. “Those loans, they consume you.” […]
Offer loans as an employee benefit, this start-up says Read More »
Washington Monthly In contrast to high-cost payday loans – where the finance charges typically translate into annual interest rates of 400 percent or more – these new loan options are less costly for borrowers (while still profitable for lenders) and won’t trap households in a spiral of debt. Many of these options also promise to
“Safer” Loans for Payday Borrowers Read More »
Morning Consult Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced new rules to reform payday lending and auto title loans. These rules are a welcome development for an industry that for far too long has recklessly taken advantage of working families, trapping them in endless cycles of debt that few have been able
Reining in the Payday Loan Industry Read More »
WSJ PRO Others are experimenting with new ways to find borrowers in need to lower the cost of credit checks and default risks. Employee Loan Solutions in San Diego ties up with employers, who offer referrals for personal loans as part of employee-benefit programs. The company provides 12-month loans at a 24.9% annual percentage rate
Payday Move Sounds Simple, but the Devil Is in the Details Read More »
Sidewire Jonathan Allen: Welcome David Rothstein, chairman of the Coalition for Safe Loan Alternatives, David Reiling, CEO of Sunrise Banks, and Doug Farry, cofounder and executive vice president for Employee Loan Solutions. David R. can you explain the need for the rule? Doug Farry: I’ll chime in. The CFPB, and other organizations, have found that payday loans
The CFPB’s new rule is aimed at helping borrowers avoid debt spirals Read More »
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