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Disrupting payday loans: Sasha Orloff of LendUp (YC W12) at …

Originally posted here: Disrupting payday loans: Sasha Orloff of LendUp (YC W12) at …

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Telford & Wrekin libraries block payday loan sites « Shropshire Star

Payday loan websites such as Wonga are being blocked on computers in libraries in Telford & Wrekin, it was revealed today.

Council officials have blocked 66 such websites so far and are in the process of preventing access to more as other sites are identified.

They have blocked the sites from computers that are available for ue by the public. Telford & Wrekin Council runs nine libraries in Telford town centre, Wellington, Newport, Madeley, Stirchley, Oakengates, Donnington, Hadley and Dawley.

The decision to block the websites come as Archbishop of Canterbury Justin Welby announced the expansion of credit unions, declaring that he wanted to compete such firms “out of existence”.

Councillor Hilda Rhodes, cabinet member for libraries, said: “Payday loans companies charge unbelievably high rates of interest to those who can least afford to pay it. By blocking access to these sites from council computers we hope that residents in Telford and Wrekin will not be tempted to take out these loans.

“Our libraries’ website and other services can offer advice on where to go for help if someone finds themselves in financial difficulty.”

Telford and Wrekin Council is the latest authority to block payday loan sites.

Sandwell Council in the Black Country announced earlier this week it has blocked the websites of 260 payday loan firms.

But Shropshire Council bosses said today they have “no plans in place at present” to introduce a similar system at its libraries.

Callum McLagan, a spokesman for Shropshire Council, said the authority does have other policies in place to discourage residents from taking out high-interest loans.

Wonga offers short-term payday loans. But it is accused of imposing interest rates of up to 5,000 per cent APR to those who do not pay up in time. Meanwhile another firm, Quick Quid, puts 1,734 per cent APR on its short-term loan deals.


Buying a Payday loans is a fantastic Option For financial …

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Cities put restrictions on payday loan shops

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Online payday loans What will happen Whenever you Don't Pay Rid …

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Shareholder Alert: Scott+Scott, Attorneys at Law, LLP Notifies Investors of Upcoming Deadline in Cash Store Financial …

NEW YORK, July 30, 2013 (GLOBE NEWSWIRE) — On June 27, 2013, Scott+Scott, Attorneys at Law, LLP filed a class action complaint against Cash Store Financial Services, Inc. (“Cash Store” or the “Company”) in the United States District Court for the Southern District of New York. The securities class action, which seeks remedies under the Securities Exchange Act of 1934, was filed on behalf of those persons and entities who purchased or otherwise acquired Cash Store securities (CSFS) between November 24, 2010 and May 13, 2013, inclusive (the “Class Period”).

Investors who purchased Cash Store common stock during the Class Period and wish to serve as a lead plaintiff in the class action must move the Court no later than August 26, 2013. Members of the investor class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain absent class members in the lawsuit. If you wish to view the class action complaint, discuss the Cash Store lawsuit, or have questions concerning this notice or your rights, please contact Scott+Scott (, (800) 404-7770, (860) 537-5537) or visit the Scott+Scott website for more information:

There is no cost or fee to you.

Cash Store is a pay-day lender based in Alberta, Canada. The Company primarily operates in Canada, where it maintains 579 branches under the banners “Cash Store Financial” and “Instaloans.” During the Class Period, Cash Store was traded on the NYSE under the ticker symbol “CSFS.”

The securities class action charges that, throughout the Class Period, Cash Store made a series of false and misleading statements concerning the Company’s financial condition that caused the Company’s shares to trade at an artificially high price.

Specifically, the complaint alleges that Cash Store made a number of false and misleading statements in its quarterly and annual financial statements in which it overvalued a major loan portfolio it had acquired. Additionally, the Company understated its liabilities associated with a class action settlement.

On December 10, 2012, the Company revealed that it needed to restate its financial statements and that it had inappropriately accounted for the acquisition of a large loan portfolio in violation of U.S. Generally Accepted Accounting Principles (“GAAP”). Specifically, the Company determined that a $36.8 million premium should have been recorded as an expense. The Company further stated that it was going to restate the fair value of the loans acquired to $50 million from which the Company had paid $116.3 million and that its provision for loan losses for the three month periods ending March 31, 2012 and June 30, 2012 was understated by $3.3 million and $3.7 million, respectively. Significantly, the Company admitted that material weaknesses existed as to the Company’s internal controls and that such weaknesses led to the restatement.

On February 13, 2013, Cash Store announced that it would again have to restate financial statements because the previous annual and interim financial statements improperly calculated the losses accrued due to a lawsuit settlement. Although every financial statement filed with the SEC estimated liability relating to the lawsuit to be approximately $18 million, in reality the losses were $23.3 million — or approximately 25% higher than previously reported. The Company admitted that its previous financial reports should not be relied upon and that material weaknesses in internal controls for accounting existed during all periods dating back to 2010.

The complaint alleges that, as a result of the foregoing, Cash Store stock plummeted approximately 71.25%, from its Class Period high of $17.10 per share to $3.83 per share at the close of the Class Period, resulting in millions of dollars of losses to class members.

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.


Michael Burnett
Scott+Scott, Attorneys at Law, LLP
(800) 404-7770
(860) 537-5537 or


Disrupting payday loans: Sasha Orloff at TEDxSacramento

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Sasha Orloff is the CEO and Co-founder of LendUp, a startup offering an alternative to payday loans. […]

Loans 101: Payday Loans — Young & Free St. Louis

The Downside

Payday loans can only offer small amounts. If you get a payday loan, you are liable for the full amount. Failing to pay it can brutally damage your credit. Typically, you only have two weeks to pay back the full amount of the loan. Not only is your repayment rushed, but it will also come with a very high interest rate. Even though they provide instant access to your funds, the interest is usually so much that they are cost-prohibitive. Getting a payment extension can mean that you will end up paying much more than the original amount of the loan.

The terms of payday loans are usually left unclear to those who use them. Not reading the terms and conditions carefully can mean thousands of dollars more in fees. For most people, long-term loans are a far more viable option. Before you even think about getting a payday loan, you should talk to a loan officer. You CAN NOT afford to lose your next paycheck just to pay back a loan!


OFT forces payday lenders out of market | Money |

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The OFT wrote to 50 payday loans firms telling each one what it needed to do to bring its lending practices in line with the law. Photograph: Dan Kitwood/Getty Images

Almost a third of the payday lenders ordered to clean up their practices have opted to withdraw from the industry, the Office of Fair Trading has revealed, as the deadline for firms to respond passed.

The announcement comes ahead of a campaign by Citizens Advice which will urged borrowers who think they may have been mistreated by payday lenders to make a complaint to the Financial Ombudsman Service.

Following a year-long review of the £2bn industry, which uncovered widespread problems, the OFT wrote to 50 firms telling each one what it needed to do to bring its lending practices in line with the law, and giving it 12 weeks to explain what measures it intended to take.

With the final deadline passed the regulator said just one firm had failed to respond in time. Of the others, 14 have informed the regulator that they will stop offering payday loans, of which three have opted to withdraw from offering credit entirely. The others can continue offering other loans and services.

The news follows comments from the archbishop of Canterbury that he wanted to compete one of the most high-profile payday lenders, Wonga, out of existence – and the subsequent revelation that the Church of England had invested in the firm.

The OFT has already referred the payday loans industry to the Competition Commission, following concerns that lenders are too focussed on speed and are not competing on price. The lenders, which often boast of being able to get money into borrowers’ bank accounts in a matter of minutes, offer short-term loans at interest rates in excess of 1,000% APR.

As well as some of those involved in the regulator’s market review, a further two lenders have also decided to withdraw from the market since the OFT revealed its findings. The regulator is now reviewing the responses from the remaining lenders and deciding if they have met its demands for change.

David Fisher, OFT senior director for Consumer Credit, said: “We are evaluating the audit reports sent in by payday lenders and will announce any further action in due course.

“Should any lenders fail to demonstrate they are fully compliant we have several options open to us to protect consumers, including suspending or revoking their licences.”

The OFT will not reveal the names of the lenders who have withdrawn from the market, but said they have stopped offering payday loans with immediate effect.

Peter Tutton, head of policy at StepChange Debt Charity, said: “The OFT’s action, including its compliance review and referral to the Competition Commission, is welcome.

“However, the OFT should now issue a detailed progress report on how it plans to address the continued consumer detriment caused by payday loans.”

Concern about the payday loans sector has been gaining momentum as debt charities have provided mounting evidence of borrowers getting into difficulties as loans have spiralled out of control.

Citizens Advice, which in May said borrowers were being lent money without proper checks and being pressured into taking on more loans, will launch its campaign on Monday.

It said borrowers were sometimes unaware they had a case, unable to contact the lender if there were problems, or so focussed on sorting out their debts that they did not investigate whether they were entitled to compensation.

The charity’s chief executive, Gillian Guy, said: “Saddled with years’ worth of debts, many people are left feeling completely powerless. Yet consumers do have the power to shape the payday loan industry by making their voice heard.

“By raising problems with Citizens Advice and complaining to the Financial Ombudsman customers can get their problems sorted out, like refunds for unauthorised payments, reasonable debt repayment plans or compensation for poor treatment, and can stop similar things happening to other people.”

In the spring the ombudsman said it was only receiving about 30-40 cases a month concerning payday loans, but was finding in favour of consumers in about three-quarters of them.


Suspected loan shark arrested

Suspected loan shark arrested

Suspected loan shark arrested in Weston.

Tuesday, July 30, 2013
12:00 PM

A SUSPECTED loan shark has been arrested after cash was seized from a property in Weston.

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The England Money Lending Team executed a warrant at a property in the town and seized cash before arresting a 44-year-old man on suspicion of illegal money lending.

The warrant, which was carried out on Thursday, was a joint operation between the money lending team and North Somerset Council’s Trading Standards.

The suspect has been released on bail while further inquiries are carried out.

Stuart Brown, principal trading standards officer in North Somerset, said: “North Somerset Council together with the England Illegal Money Lending Team, is trying to protect local residents by clamping down on loan sharks.

“Loan sharks take advantage of some of the most vulnerable people in society.

“They profit from other people’s hardship and will often enforce repayment by blackmail or threats of violence. Don’t use a loan shark – it won’t end well

“If a bank won’t lend you money we recommend Somerset Savings and Loans, a credit union for local people.”

Victims of loan sharks can get help from 0300 555 2222. You can also use this number to report a loan shark or email

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