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Federal Regulators to Crack Down on Unaffordable Payday Loans …

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Feb 9, 2015

The New York Times

reported Monday

that federal regulators are expected to draft new rules to govern short-term loans, including car titles and payday loans, which to date have fallen mostly under the jurisdiction of individual state law. While many states have tried to put an end to short-term loans with exorbitant interest rates, payday lenders have found ways to get around these laws or have lobbied state legislatures to soften regulations.

“Such maneuvers by the roughly $46 billion payday loan industry, state regulators say, have frustrated their efforts to protect consumers,” the Times reports.

According to the report, the Consumer Financial Protection Bureau (CFPB) will soon take the first step by federal regulators to reduce the number of unaffordable loans lenders can make. The CFPB, created after the 2008 financial crisis, is an independent agency tasked with protecting consumers in the financial sector. Along with banks and credit unions, payday lenders fall within the agency’s jurisdiction.

In March 2014, the CFPB released a startling report on the realities of payday loans and the effect they have on low-income households and borrowers, the demographic payday lenders target most. The people lenders seek out are in desperate financial situations, and therefore do not thoroughly consider all the facts before signing up for these loans, the fees of which may end up being more than the initial principal.

The initial loan is typically a 14-day loan of no more than $500, though some can exceed this amount. According to the CFPB, these loans carry fees between $10 to $20 for every $100 borrowed.

“A $15 fee, for example, would carry an effective APR of nearly 400% for a 14-day loan,” CNN Money reports.

The CFPB found that over 60 percent of all payday loans are made to individuals who take out 7 or more loans in a row, meaning the accumulated fees end up being more than the initial amount taken out.

“60% of all payday loans are made to individuals who take out 7 or more loans in a row.”@ cfpb

“The bureau found that during a 12-month period, borrowers took out a median of 10 loans,” the Times reports. “Borrowers paid median fees of $458. The median amount borrowed was $350.”

People may recall the Montel Williams commercials for Money Mutual where he makes it sound like short-term loans are the most convenient solution for people who are having money problems and live paycheck to paycheck. Yet, according to the CFPB, these loans are only convenient for people who can pay them back immediately or after no more than one renewal.

For those who can’t, the challenge becomes getting out from under the debt.

“[O]ne Pennsylvania woman who took out a total of $800 in payday loans to help pay for rent after losing her job told the CFPB that she meant for the loan to be only short-term,” the CNN Money article says. “But after rolling over her first loan and eventually taking out another one to help pay for it, she has already paid more than $1,400 towards the debt and still owes more.”

There are currently 35 states that do not have laws regulating short-term lenders. However, even among the states that have made these types of payday loans illegal or have limits in place, lenders have found ways to get around the laws by reclassifying their stores as car-title lenders or using other similar tactics. New rules by the CFPB could make it harder for these companies to get around state regulations and could protect consumers in states that do not currently have these laws.

More articles in Economy

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About the Author

Shawn M. Griffiths

Shawn is located in the Dallas-Fort Worth area in Texas and has been actively involved in grassroots efforts in the state since 2005. His political philosophy is founded on the principles of individual liberty, limited government, and fiscal responsibility. He is not affiliated with any political party, and has great appreciation for intellectual independence and objective truth.

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Cash Dividend On The Way From LMP Corporate Loan Fund (TLI)


Looking at the universe of stocks we cover at Dividend Channel , on 2/19/14, LMP Corporate Loan Fund (Symbol: TLI) will trade ex-dividend, for its monthly dividend of $0.0725, payable on 2/28/14. As a percentage of TLI’s recent stock price of $12.18, this dividend works out to approximately 0.60%, so look for shares of LMP Corporate Loan Fund to trade 0.60% lower – all else being equal – when TLI shares open for trading on 2/19/14.

In general, dividends are not always predictable; but looking at the history above can help in judging whether the most recent dividend from TLI is likely to continue, and whether the current estimated yield of 7.14% on annualized basis is a reasonable expectation of annual yield going forward. The chart below shows the one year performance of TLI shares, versus its 200 day moving average:

Looking at the chart above, TLI’s low point in its 52 week range is $11.46 per share, with $14.67 as the 52 week high point – that compares with a last trade of $12.18.

In Tuesday trading, LMP Corporate Loan Fund shares are currently down about 0.2% on the day.

Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


We Party Patriots » Plan to Put Payday Lending in USPS Hands …

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A plan outlined by the Inspector General of the United States Postal Service to expand their services to include non-bank financial services to underserved communities has gained the endorsement of Massachusetts Senator Elizabeth Warren. In short, the plan would seek to replace the payday lending system with a fairer version using the infrastructure of the USPS. This would help the poor, supporters says, as well as the USPS, and the economy. It is expected to face vehement opposition and lobbying by payday lenders and traditional financial institutions.

Think Progress explains that the interest rates on payday loans, often near 100 percent, suck billions of dollars out of the economy. The average customer pays $520 to borrow $375. With the industry facing a looming crackdown from the Consumer Financial Protection Bureau (established by Warren), the USPS could step in and provide services at a fair rate due to their presence in the communities where payday lending is most common. The USPS could make an additional $9 billion a year, supporters of the idea estimate.

In a weekend op-ed for the Huffington Post, Warren wrote:

According to a report put out this week by the Office of the Inspector General (OIG) of the U.S. Postal Service, about 68 million Americans — more than a quarter of all households — have no checking or savings account and are underserved by the banking system. Collectively, these households spent about $89 billion in 2012 on interest and fees for non-bank financial services like payday loans and check cashing, which works out to an average of $2,412 per household. That means the average underserved household spends roughly 10 percent of its annual income on interest and fees — about the same amount they spend on food.

Think about that: about 10 percent of a family’s income just to manage getting checks cashed, bills paid, and, sometimes, a short-term loan to tide them over. That’s more than a full month’s income just to try to navigate the basics.
The poor pay more, and that’s one of the reasons people get trapped at the bottom of the economic ladder.

But it doesn’t have to be this way. In the same remarkable report this week, the OIG explored the possibility of the USPS offering basic banking services — bill paying, check cashing, small loans — to its customers. With post offices and postal workers already on the ground, USPS could partner with banks to make a critical difference for millions of Americans who don’t have basic banking services because there are almost no banks or bank branches in their neighborhoods.

The idea is as refreshing as it is practical. Non-bank financial services are a necessity given the nature of the American population. However, the indiscriminate fleecing of the poor that results from their inability to cash checks and pay bills is unacceptable and crippling to the economy. It is a system in which the poor will always stay poor because they will never be able to save enough money to move up the economic ladder.

Including the USPS in the solution helps multiple problems with one simple policy shift. While progress could be slow, the eventual addition of financial services could be a permanent solution to multiple problems facing America. Because of this Sen. Warren has made achieving this a main goal of her Senate career:

The Postal Service is huge — employing more than a half million people — and its history is long and complicated. Any change will take time. But this is an issue I am going to spend a lot of time working on — and I hope my colleagues join me. We need innovative ways to create pathways for struggling families to build economic security, and this is an idea that falls in that category.

A further explanation and endorsement of the USPS plan comes from David Dayen, who said in a New Republic piece:

As America becomes more of a cashless society, more reliant on some level of financial services (try renting a car without a credit card), the 68 million underbanked are essentially forced into working with predatory businesses, without the kind of low-cost alternative the post office could provide. Banks don’t want these customers; if they did, they would actually make a play for their business. Large banks have closed branches in the very low-income communities with the largest percentages of unbanked Americans. In fact, banks find it more profitable to fund payday lenders that charge junk fees and outrageous interest—currently the subject of a Justice Department investigation—than actually take market share away from them.

Instead of partnering with predatory lenders, banks could partner with the USPS on a public option, not beholden to shareholder demands, which would treat customers more fairly. As the report says, “the Postal Service could greatly complement banks’ offerings,” and in turn help drive out of business some of the most crooked companies in America, while promoting savings and expanding credit for the poor.

The report suggests three types of potential products. First, it proposes a “Postal Card” that could make in-store purchases, access cash at ATMs, pay bills online, or transfer money internationally. Customers with paper checks could cash them at the post office or deposit them through their cell phones, loading them onto their Postal Card. Second, the USPS could offer an interest-bearing savings account, again through the Postal Card, encouraging savings from communities with little in the way of a personal safety net. Finally, the Postal Service could offer small-dollar loans, effectively an alternative to costly payday lending. The fees on all these services would be drastically lower than anything in the marketplace today.

The ire of big banks and lobbyists aside, President Obama could take a chance on implementing a true, progressive change for the working class if he gets behind this idea. For Obama, Democrats, and the political system on the whole, this may be the light bulb that goes off, delivering change that regains the public’s trust. Of course, if rejected it could become the nail in the coffin that shows once and for all the government does not work for the people. As noted by Dayen:

Sure, the banks will squawk: the chief counsel of the American Bankers Association has already pronounced himself “deeply concerned”—but as the IG report shows, they have no interest in serving this community. So surely that won’t stop the President from urging the USPS to take advantage of this lucrative and worthwhile option. Unless he values payday lenders and greedy middlemen more than the financial security of the Postal Service and millions of poor Americans.

About the Author: Chaz Bolte

Chaz Bolte is a native of Pittsburgh, PA where he attended Slippery Rock University. He currently contributes to WePartyPatriots, Addicting Info, Secret Party Room, and Football Nation. You can follow him on Twitter @ChazBolte


Easy loans for 3month payday loans @http://uk-3monthpaydayloans …

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Payday loans @

The information provided on is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her health professional. This information is solely for informational purposes and does not constitute the practice of medicine. We encourage all visitors to see a licensed physician or nutritionist if they have any concerns regarding health issues related to diet, personal image and any other topics discussed on this site. Neither the owners or employees of nor the author(s) of site content take responsibility for any possible consequences from any treatment, procedure, exercise, dietary modification, action or application of medication which results from reading this site. Always speak with your primary health care provider before engaging in any form of self treatment. Please see our Legal Statement for further information.


Payday loans: Know your rights YouTube

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Animation about payday loans, what you should expect from a payday lender and what you can do if you have a problem with a payday loan. How to Deal with Payd… […]

4 Ways to Cut Student Loan Debt While You’re Still in School


View gallery.Hemera Statistics from The College Board show that in 2010-11, 57 percent of public four-year college students graduated with debt averaging $23,800. With student loan debt growing to almost $1.2 trillion, according to the Consumer Financial Protection Bureau (CFPB), there is no better time to cut your own student debt than while you are still in school, before you’ve taken the loans.Once you’ve taken loans, you’ve paid the origination fees and the debt is yours. Upon graduation, the debt will begin to grow even faster as interest on all types of student loans adds to the unpaid balance. And, it sticks with you until fully paid as student loan debt of any kind usually can’t be discharged, even in a bankruptcy.

“Student debt is likely the biggest debt you will ever take on besides a mortgage,” says Rachel Cruze, daughter of debt-free guru Dave Ramsey and speaker on student debt. “Since you are the one ultimately signing on the dotted line, you must understand how the the different loans work and how the amount you borrow can affect you after you graduate.”

Cruze advises your main focus should be on your studies and staying in school, but you should also do everything you can to minimize the amount you are borrowing. It is especially important when using unsubsidized government student loans or private student loans which begin charging interest as soon as you receive the money in school versus lower-interest rate subsidized government student loans which are used interest-free during college.

Think hard about your future repayment of student loans and use these ways to borrow less while you are still in school.

Take out fewer loans

“If you are a first-time freshman, take the full amount offered in your financial aid package,” advises Reyna Gobel, author of CliffsNotes Graduation Debt, fully updated in its second edition. “Once you see what the true costs are and how the loans are applied, you can opt to reject future loans and look for ways to borrow less in subsequent semesters.”

Gobel advises under-used free financial counseling services available at your college. The financial aid or money management office can guide you on the different student loan types, work-study programs and any local and school-specific scholarships that are available to you. The career services office may be able to help you determine appropriate loan amounts based on your chosen major, possible jobs and income outlook.

Both experts agree on avoiding the use of other types of credit such as car loans or credit cards which will only pile on to your student loan debt.

Earn more scholarships

Cruze says scholarships are just like cash. “Every $1,000 earned in a scholarship is $1,000 less you have to borrow and pay back over 10 or more years after you graduate.”

She says to find and apply to as many scholarships for higher grades, athletics, personal or career interests and ethnicity offered by local associations, private companies or offered from your college to put toward your costs.

In addition to checking your school’s Financial Aid office, scan the scholarship listings from The College Board. Cruze advises checking every semester and applying for any newly eligible scholarships.

Use apps and online services to organize bills

According to a new report from the CFPB, some student loan servicers may be charging borrowers several kinds of unwarranted fees. Good record-keeping about any early payments you make during school, any repayment plans and all payment dates is important in challenging unwarranted fees that may cause your student loan balances to grow instead of shrink.

Another way to stay ahead of fees is to never miss a student loan payment or pay late. Set up email or text alerts to go directly to your smartphone from a free online service that organizes all your bill due dates and accounts and even keeps records of bills and payments, including those for student loans.

Pay cash whenever possible

Student loan money should never be used for financing fancy apartments, shopping trips or partying while you are in school, says Cruze. “You want to figure out how to take fewer loans and use less money each semester, not take and use every loan offered when you really don’t need it.”

If parents can help by paying what they can afford and you can pay some by participating in a work-study program or getting a part-time job, ask your school about a monthly cash payment plan to help cut borrowing, says Cruze.

Both experts agree on keeping a cash stash as an emergency fund of at least $500, to avoid leaning on credit cards or your student loans for emergencies and unplanned expenses such as an unusually expensive text book, car repairs or a medical or dental visit.

“You may not realize it now, but your future self will thank you for borrowing less during school, when you’re not saddled at your first real career job with repaying as much in total student loan debt,” says Cruze.

Use the Federal Student Aid website’s Repayment Comparison Calculator for an eye-opener on how much and how long you’ll be repaying student loans versus the borrowed amount, simply depending on the interest rate.

About the Author:

Naomi Mannino has been writing and reporting on personal finance and health for over 15 years. She specializes in finding and speaking to cutting edge industry experts for the most current advice and useful information as well as how the day’s financial and health news might affect you. She earned her Bachelor’s Degree in Marketing with a minor in Consumer Behavior from Pace University in New York City. She is a contributor to several websites, including

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How to utilise discretionary cash


How to utilise discretionary cash







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You can use discretionary cash to increase the size of your emergency fund.

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You may be tempted to utilise unexpected cash flow in ways that you regret later.

November 23, 2013:

Sometimes, you receive unexpected cash flows. These can be in the form of a surprise bonus from your employer, a share of a disputed ancestral property, a gift from your aunt or winning a bet. The question is: How should we use such cash?

This question is important because you may be tempted to utilise the unexpected cash flow in ways that you may regret later. Here are five ways you can use your discretionary cash.

Suggested utilisation

For the purpose of this discussion, we define discretionary cash to mean money that you have in addition to your regular income from which you save and invest to achieve your life goals. The following are some of the ways you can utilise your discretionary cash.

You should increase the size of your emergency fund. This fund is created to meet medical emergencies or even pay for your monthly living expenses in the event of temporary loss of income. Your preferred choice should be to deposit your discretionary cash in your emergency fund if the fund’s corpus is less than six times your monthly living expenses, including your home-loan payment.

If you have enough money in your emergency fund, you can use the discretionary cash to prepay loans that you have availed of to buy depreciating assets, such as a car or high-end consumer durables.

Why not prepay your home loan? For one, your discretionary cash may not be large enough for the prepayment to have a significant difference on your interest payment. For another, depreciating assets lose value faster than even old apartments. Avoid the pain of having to see your depreciated asset value being lower than your loan value!

Side-pocket account

You can consider setting up a side-pocket account. This account will use the discretionary cash to invest in bank fixed deposits with maturity of one year or less.

You can liquidate these bank deposits and invest the money in shares to bridge any shortfall in your equity portfolio in a year when the stock market declines sharply. Note that if you choose to prepay your existing loan as mentioned above, the amount you would have otherwise used every month to repay your loan can now be used to fund the side-pocket account.

You can choose to buy gold if your current investment in gold is less than 15 per cent of your total portfolio value. Your purchase of gold can be regardless of the price levels. This is because gold is typically a consumption asset. That is, you are buying financial gold to convert it at a later date into physical gold for personal consumption and not to generate gains as is the case with stocks.

Finally, you can invest in passion assets. These are investments that you make in assets that form part of your collectibles such as antiques, coins and paintings. Your investments in passion assets should not exceed 10 per cent of your total portfolio value, as such investments are illiquid.

You may be tempted to use the discretionary cash flow to invest in high-risk assets, for instance, alternative investments such as farm land. Of course, you could spend the unexpected cash on products that you would not otherwise buy with your “regular” cash flow. The discussion here will apply only if you want to invest your discretionary cash and not if you want to consume it on luxury products.

Our suggestions are aimed at helping you improve your protective assets (increasing your emergency cash), pay down your loans or increase the size of your satellite investment (within the core-satellite framework) without substantially increasing your portfolio risk.

(The author is the founder of Navera Consulting, a firm that offers wealth-mapping and investor-learning solutions. Feedback may be sent to

(This article was published on November 23, 2013)

Keywords: discretionary cash, Knowledge Arbitrage, satellite investment, personal investment, emergency fund

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Cash Out Refinance Loan Benefits Reviewed In A New Article From Loan Love

San Diego, CA (PRWEB) October 14, 2013 is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. In order to help borrowers find the best loans for their situations, the website is continuously updated with new materials that can help them understand the options that are available to them. A recent article from the website continues to help expand the readers’ knowledge base by providing a handy guide on cash out refinance loans and their benefits.

In this new article, the author explains that the mindset accompanying homeownership has changes some what over the past few decades. It used to be that the end goal was to pay off a mortgage so that the owner could live in their house free and clear, however, thanks to things like tax deductibility on mortgage interest, many current mortgage borrowers choose to prolong their mortgage loans through refinances. Another benefit that is promoting this new mindset is that now there are many more options for homeowners to get their hands on the equity that they have built in their homes over the years. These range from home equity loans, to lines of credit, and of course the ever popular cash out refinance loan.

So what is a cash out refinance loan? The article explains: “The concept is actually pretty simple: As you pay off your mortgage – and if your home increases in value, as most homes tend to do in “normal” housing markets – eventually, you’ll have a significant gap between what you owe on your home and what it’s worth; that’s the equity that’s freed up in a cash-out refinance. A cash-out refinance lets you refinance the terms of your loan and place a new and bigger mortgage on it, enabling you to have access to that equity. For instance, say you have a mortgage of $150,000 remaining on your home. Over time, the value of your home has increased to $250,000. That $100,000 difference is the equity you have in your home, and thanks to the cash-out refinance, it could be burning a hole in your pocket in just a few weeks.”

While there are limitations to how much the homeowner can actually take out (usually about 80% of the home’s loan-to-value (LTV) ratio) these loans are still great options for those who would like some extra cash on hand to fulfill any number of purposes. Some of the reasons that a homeowner might want to take out a cash our refinance mortgage loan include:

Paying for college tuition (either for the homeowners themselves or for their children) Wedding expenses (again, either for the actual homeowner or their kids) Renovations which would help to increase the home’s equity Purchase of an investment property Or starting up a new business venture

These are just a few of the reasons that some people opt for cash out refinances. As the article states: “No matter what the reason, that equity is your money. Why keep it locked up in your house? A cash-out refinance means you can access that value and still save money by taking advantage of today’s low rates.”

For more information on cash out refinances, please visit


Why Should You Consider Payday Loans – Instant Payday Loans

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Why Should You Consider Payday Loans

Monday, September 9, 2013, 9:58 Instant Payday Loans

10 Reasons To Consider Payday Loans

Even though the organizations lend money only to those who can afford it but still the application processing is simple as compared to borrowing money from any bank. There is not much paperwork required as there are cases in which payback advance is actually provided online. The entire process of obtaining a short-term unsecured loan is quick as well as the requirement is a borrower’s postdated check to the lender containing the loan’s full amount and commission. A borrower is responsible to repay the loan personally else the check is to be paid off. If the borrower does not have sufficient funds in the bank account then this may lead to a bounced check fee (as per the contract as well as local legislation). When the operation is carried out the total amount shall be directly and electronically withdrawn from the account. Different terms and options are offered in different states.

Generally, all of them have these advantages that can be considered prior to applying:

1. In need of cash fast

For managing unexpected financial issues payday loan is considered to be the best methods.

2. Simple & easy payday loan procedure

Even those with low income can avail payback loans. In this process documentation and banking operation is not much.

3. No credit history check

As there is no credit check, payback lenders approve customer’s application in less time.

4. Fastest way to get emergency cash

Its popularity is increasing day by day due to its quickness of getting cash money. Whether you need money for everyday expenses, repairing your car or for paying emergency medical bills the answer is payday loan.

5. Avoid serious problems with payback loan

For example, if you have taken a mortgage and it is taken for regular credit payment, but your funds are not sufficient enough and there are chances to lose your house. If you compare a short-term loan cost to the missing payment cost and losing your property, payday loan is still a cheaper option.

6. Eliminate embarrassment

Most people prefer credit organizations to ask for money instead of asking from friends or relatives, even though in case of latter no need to pay fees. In this way emotions and money do not get involved and going to the bank is best.

7. Simple & convenient application submission methods

You can apply for loan online too. Using information available on number of websites where it is easier finding the most satisfying borrowing terms.

8. Reliable back-up plan

Payday loan is not used for purchasing any new item, but use it as an instant cash support for dealing emergency financial situation.

9. Loans pay back is fast

The payment of the debt must be made within a week or two. After making this payment you will be free from stress.

10. Reducing your stress & worries

You are actually getting what you already belong – your pay or salary – but early. When you already know that you will get the salary within few days, you won’t have any issues in paying the money.

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About the Author

has written 4 stories on this site.

Mary Jason is a personal loan consultant and has more than ten years of experience in the financial field and has helped many to obtain loans regardless of their credit situation.

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