Akron Beacon Journal Too many people who desperately need a loan are turned down because of poor credit history. TrueConnect can rebuild credit, because repayments through payroll deduction are reported to credit agencies, allowing borrowers to build a credit history that will help them later. The program has been offered for about six months in […]
Vic Pallotta: Rethink a broken payday loan industry Read More »
The Hill A flawed payday loan system, according to Knight, still provides a valuable lifeline to those who need it. But if the existing system puts the credit and future of its borrowers at risk, how valuable can it truly be? The solution, Knight says, is to develop new and better products to compete with
Debunking the myths of payday lending Read More »
Politico Pro A coalition of consumer advocates, small banks and credit unions is asking the Consumer Financial Protection Bureau to give payday lenders no legal safe harbor in its upcoming proposal to curb abuses in the small-dollar loan market. Full Article
Coalition asks CFPB to include no safe harbors in payday lending rules Read More »
CBS NEWS One complaint about the payday lending industry is that it lacks competition, making it hard for borrowers to shop around for the best terms. Doug Farry wants to change that. A former TurboTax executive, he’s the co-founder of Employee Loan Solutions, a program that lets employers offer small loans to their workers. Called
1,000% loans? Millions of borrowers face crushing costs Read More »
American Banker “How can we replace a two-week loan model at a better cost?” said David Rothstein, the chair of the Coalition for Safe Loan Alternatives, a new group formed to offer payday lending alternatives. With the Consumer Financial Protection Bureau expected soon to roll out a proposal to regulate payday lending, community groups have
New Coalition to Push for Payday Loan Alternatives Read More »
Wells Fargo has named St. Paul-based Sunrise Banks as one of three recipients of its 2015 NEXT Awards for Opportunity Finance. The award recognizes community development financial institutions, or CDFIs, that develop innovative product offerings and services to help unbanked and underbanked consumers. (CDFIs are specialized entities that provide loans, investments, and services in underserved
Sunrise Banks receives Wells Fargo NEXT Award Read More »
Star Tribune Diverse allies arrayed against the Minnesota payday loan industry are getting a little traction. Sunrise Banks of St. Paul, which has developed a small-dollar loan program that already covers 10,000 employees through participating employers, last month won a $2.2 million Next Opportunity Award, which is funded in part by Wells Fargo. Sunrise CEO
Opponents, new lenders get traction against payday-credit industry Read More »
Star Tribune Tyren McGruder, a working-class single dad, has emerged from the debt trap of payday loans thanks to Holy Trinity Lutheran Church. Church members decided to do something in 2012 when a couple of payday lenders moved into their East Lake Street neighborhood. “Holy Trinity always has been very social-justice and community-oriented,” said Phil
Recovering payday loan borrower gives thanks for Exodus Lending Read More »
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