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Citizens rally against payday loans | The Advance

Image Rally-300x169.jpg

About 250 attendees gather before a rally on predatory lending practices in the state starts Monday, Aug. 11, at Calvary Baptist Church. The rally was organized by the grassroots group , Tuscaloosa Citizens Against Predatory Lending. Photo by Jasmin Washington.

TUSCALOOSA – Calvary Baptist Church was the site of a rally to protest so-called payday loans and provide information about the statewide practice on Monday evening, Aug. 11.

One of the purposes of the hour-long session was to sign a petition urging a cap on the high interest rates, up to 36 percent, that payday loans charge. The rally was hosted by the grassroots group, Tuscaloosa Citizens Against Predatory Lending.

Since a state law was passed in 2003 that made payday loans legal in Alabama, many college students and wage earners in low-income brackets have made use of payday loans, which contribute to financial instability for many borrowers.

Stephen Stetson a policy analyst with Alabama Arise, an advocacy group for children, and Stephen Black, director and founder of the Center for Ethics & Social Responsibility at The University of Alabama were guest speakers.

Audience members listened as a video on Predatory Loans was presented. In the film, borrowers described their experiences with paying back loans and lenders discussed the guilt they felt for issuing them out.

Following the video, Beebe McKinley, TCAPP member and longtime Tuscaloosa resident, introduced speaker Stephen Stetson, Alabama Arise Policy Analyst.

Stetson presented a slide show presentation on predatory practices, which contained a brief history and description of payday loans. His talk included the following points:

Concept of payday loans originated in the 1990s in Cleveland, Tenn. The state of Alabama passed a law in 2003 approving payday loans. A payday loan is a small amount of cash that is expected to be repaid with the person’s next pay check. Payday loans are easy to get since they do not require a credit check. The average borrower remains in payday loan debt for 212 days out the year.

Stephen Black, of UA’s Center for Ethics & Social Responsibility, is highly concerned about what he describes as an unethical practice.

“I don’t want to be in a state where we pray amongst the weak,” Black said. “This is about fairness.”

Stetson, whose organization focuses on issues affecting low-income people, said that payday-loan borrowers in Alabama can end up paying 456 percent in annual interest because they will take out new loans to repay the previous ones.

By Jasmin Washington, senior writer


Mimieux | Directories Of Reliable Brief Payday Loan Suppliers

Furthermore, Small Payday Loans have associated on attractive features your include- no funding checks, no secured personal and faxless loan application option. So, even if you are tagged with a bad scores, you maybe online and benefit from fast cash by any means possible of some time. Bad credit holders can ease of access these loans without any difficulty. These loans are created absolutely free from a procedure of credit checks. Today, numerous people are looking to take all of this loan in pay for to help his or financial needs.

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While their practices are rather legal their approaches imply taking advantage of the weak naive citizens. The might say that the same thing is true about banks. However that is far from being correct because lending institutions have a situations selection process autumn to offering credit cards. Short term loans are not encouraged because offer high rates and are not in this particular consumers’ interest.

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Ocala Star-Banner: Commissioner Drew J. Breakspear: Payday loans

Ocala Star-Banner: Commissioner Drew J. Breakspear: Payday loansMar 10 • 40 Views • View Comments Published March 8, 2014I thank the Ocala Star-Banner for its recent “Of letters and loans.” We need more coverage surrounding payday loans and the problems they pose to our state’s poorest. According to The Pew Charitable Trusts, 12 million Americans use payday loans annually, as payday loans are often the only source of credit for many of our citizens.As commissioner of the Florida Office of Financial Regulation, I support the concept of payday loans and the protective measures put in place by the Florida Legislature. However, I cannot agree that increasing access to payday lending services through the United States Postal Service (USPS) is the solution. If the USPS offered payday loans to customers in 50 states, ensuring the appropriate parameters and safety of these services would create a regulatory burden.Throughout history, postal services around the world have done bank business, but the United States is different. Each state operates under diverse laws and policies that govern their banking industry. Would each state be responsible for regulating the USPS payday lending services? Who would have jurisdiction to investigate complaints?Implementing such a large-scale program would undoubtedly require more than a “test run.” In Florida, it takes a great deal of effort and diligence to ensure payday lending services are following the law. Through placing a cap on the loan amount and loan fees, allowing only one loan at a time with a maximum 30-day loan period, and requiring a cooling off period between loans, we continue to make Florida’s financial marketplace safe to do business.New bills proposed by Sen. Garrett Richter and Rep. Kenneth Roberson (SB 590 and HB 623) will provide increased protection for consumers by rendering loan transactions uncollectable if made by unauthorized payday lenders.Drew J. Breakspear, Commissioner, Florida Office of Financial RegulationTallahassee […] Reports Double Digit Increase in Loan Applications

DETROIT, Feb. 10, 2014 /PRNewswire-iReach/ — A progressive month for, January 2014 was a record maker of sorts as the company witnessed a double-digit increase in borrower applications. Noting an industry-wide surge in activity, as reported by Bank Rate, nearly twelve million US adults take out at least one payday loan.

The numbers appear to be growing, primarily because individual borrowers look upon short term loans as a “bridge” to tide across temporary financial challenges. The trend hasn’t slowed down in recent years., a website that specializes in helping common consumers and businesses apply for payday and cash advance loans has reported a double-digit surge in its online loan application activity. The numbers are a stark contrast to current economic indicators that point to a relatively stable economy and a steady increase in employment statistics. Apparently, short term loans have other uses as well.

From paying for emergency gifts to take care of car repairs, these relatively short term loans have been used as a reliable source of instant funding. Incidentally, the approval process is relatively lenient and credit checks are often bypassed in favor of employment history and stable income sources. Furthermore, many lenders do not perform a credit check at all.

Regulators are increasingly scrutinizing the unchecked rise in interest rates but most lenders make the extra effort to comply with the law.

“Sites such as are quickly gaining in popularity and are garnering reputation as the ‘go to’ source for short term lending. Instant approvals, vast selection of lenders, competitive interest rates, and programs for all credit types are some of the benefits that appear to be wooing every day citizens. From medical emergencies to unexpected cost drivers, these loans have become a valuable source of funding for middle class American families. Finally, the ability to repay the loan by the next pay check is a huge plus for lenders,” says Maurice Chandler, who created to help Americans apply for fast approval loans.

On the borrower end, the concept holds great appeal. Individuals are often hesitant to seek emergency financial help from friends and family members. Credit issues appear to be a deal breaker as well. With rejection rates nearly as high as sixty percent, cash advance loans appear to be the optimal solution for borrowers with a history of credit issues.

“I was rejected by three lenders before I discovered Thankfully, here, I had the option of collaborating with multiple lenders and the process was a breeze. I was able to complete my application in just under a minute and the funds were quickly delivered into my account,” says Anna, who applied for a loan through Chandler’s site. is a non-traditional site offering the ability to connect lenders and borrowers through a seamless, easy-to-use interface. In addition to short term loans, the site caters to wide audience through auto, home, and long term loans.

Media Contact: Maurice Chandler, I.D.S International inc, (646) 257-4131,

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Steer clear? auto loan refinancing

A lower car payment, what’s not to like?

It’s an enticing proposition, but refinancing an auto loan can often significantly increase the amount you have to pay over the life of a loan.

“The concept of lowering your monthly payments will often outweigh the financial sensibility of that decision,” said Jack Gillis, auto expert for the Consumer Federation of America.

And yet, a growing number of borrowers are electing to refinance their auto loan. Last year, auto loan refinance inquiries on nearly doubled from a year earlier, according to the online lending service. Completed loans jumped 47 percent from the previous year.

But when might refinancing your auto loan be a smart move? Here are four factors to consider:


Refinancing an auto loan enables you to pay off your lender and take on a new loan at a more favorable annual percentage rate, or APR.

That means that you generally wouldn’t consider refinancing unless you can get a lower APR. But there is an exception: If you want to lower your monthly payment and are willing to extend the repayment period for your loan. Of course, you will be paying more money over time.

Unlike mortgage loan refinancing, lenders generally don’t charge fees or closing costs to refinance an auto loan. That places a priority on shopping around for the best rate. In recent weeks, auto loan refinancing offers on LendingTree have been available for 1.99 percent for borrowers with the best credit scores.

Check lender websites or portals like or


The most attractive outcome in any refinancing is to lower the amount of you will repay during the term of the loan.

Maybe you didn’t shop around when you went car shopping and feel you could have negotiated a lower interest rate. Or perhaps your credit score has improved significantly since you took out your auto loan, so you are now able to qualify for a lower interest rate. Refinancing could trim your finance charges.

Paying off your original loan when you refinance could help boost your credit score, as the loan would show up in your credit history as paid off.

Lenders and financial information sites often have online calculators that can help you estimate whether a new loan will save you money, such as:

Many free financial apps are also available for smartphone and tablet users.


Prolonging the life of a car loan also can be risky because — unlike real estate which can appreciate — cars lose their value over time. Extending the loan term means that you will owe more on the vehicle than it’s worth for a longer period.

“This is a terrible position to be in if the car gets stolen or gets in a serious accident or you desperately need to sell,” said Gillis.

One rule of thumb: If you have less than two years left on your loan, avoid refinancing. “If it’s a cash-flow issue, it’s a consideration, but I wouldn’t do it,” said Rick Finch, general manager of LendingTree’s auto segment.


Banks often cap both the amount they will lend and the repayment period for a refinancing. They may also limit the kinds of vehicles that are eligible.

Some lenders won’t refinance loans on motorcycles or recreational vehicles, for example. And typically, lenders will only refinance vehicles that are no older than seven years.

LoansInvesting Education […]

Loans For Agriculture Land – Up to $1000 Payday Loan Online. No …

Loans For Agriculture Land From distinct online surveys, it’s noticed that this variety of buyers getting pay day loan as well as pay day financing companies are usually escalating regularly. An advanced particular person using the payday advance the very first time or want to collect more knowledge about payday advance, this article is going to be a big help for you. Concept of payday advance:- Cash advance is definitely an short term installment loan. The phrase can be 1-2 months. There are additional names associated with payday advance like * “Cash Advance”, “Paycheck loan”, “Check loans”, along with “Payroll advance loans”. Once you get the paycheck, the money is to be paid back. If you cann’t repay the money volume in addition company’s fees regarding cash advance on the payday, it is possible to rollover the credit sum if you are paying additional costs to the loan provider as well as you make payment for the interest together with to the carry over time period. So, cash advance may be termed the “Loan Sharking”.

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Up to $1000 Payday Loan in Fast Time. 100% Easy Credit Check. Withdraw Your Cash in 60 Minutes. Get Right Now. comes with a wide selection of services such as automobile loans, pay day loans, personal loans, as well as credit history. Nevertheless, besides this sort of providers, they offer a lot of details as well as suggestions about this kind of financial products as well as economic situations. By way of their particular solutions and many racks of posts, this company online can help provide you with both program and knowledge which is essential facing poverty. Inside their write-up reported, ‘Payday lending options can easily even more a person directly into debt’ creditloan.internet gives consumers while using data they need when considering a cash payday loan or perhaps advance loan. While they claim that in the matter of an urgent situation these kinds of loans perform okay, in addition they encourage debtors to concentrate and focus all the small print to determine just what they’re engaging in.

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Payday Loans for Business ModernBooking Hotel & Cheap Travel …

As theory in the modern business world, you need a genius idea for a business loan and a solution, because it’s all kind of the best loan you can find the information we provide only here, and every project in the business can be done easily if you follow all of this information and we make sure all your business can be completed quickly and accurately, we always put the genius in the lending business and serve you with all aspects and innovation to best serve you. Therefore this service comes with a modern concept to facilitate you in finding the right payday loans. This information can help with all your business concept and highly professional alternative, because we always work in an effective way to payday loans and definitely help you, You can read information about payday loans with the right solution for all your business, with all the concepts both in business lending always been one of the most important aspects for all business modern today.

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Cash Out Refinancing Explained Through Loan Love's New Article Guide

SAN DIEGO, Oct. 11, 2013 /PRNewswire-iReach/ — 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. Loan Love continues to be progressive by helping loan borrowers find the best loans for their specified financial situations with their continuously updated material such as their articles and videos. currently has a new article titled “What Is A Cash Out Refinance? (Clearing The Fog)” to help get the concept of cash out refinancing through to readers and inform them on the advantages of taking on a cash out refinance mortgage.

As the Loan Love article initially starts off: “It used to be that one of the goals of homeownership was to eventually pay off your home loans and live in your house mortgage-free. Sucker! Nah, just kidding. But it is true that in the past couple of decades, that kind of mindset has kind of gone by the wayside for a lot of people. Why? Well, for one thing, tax laws that let you deduct your mortgage interest are a big plus for a lot of homeowners: Pay off your mortgage and you lose one of the biggest tax advantages available to the average (i.e., not super-rich) person. Also, while your parents or grandparents may have had a difficult time accessing any equity they’d built up in their home over time, many lenders today have made it easy to tap into that equity with equity loans, lines of credit and the ever-popular cash-out refinance.”

But what exactly is a cash out refinance? Loan Love goes on to explain the concept of a cash out refinance: Basically under the circumstances over normal housing market, a loan borrower’s home may be subject to an increase of value over the course of time. While paying off their mortgage loan, they may begin to notice a significant gap between what was originally owed to their house and what the house is actually worth. The gap would be the home’s equity that can be freed up and can be drawn out in a cash out refinance loan. This type of refinancing gives an option to home owners to refinance the conditions and terms of their loan by allowing a new and bigger mortgage on top of their existing one. This will enable home owners to access a certain amount of equity that has been built up on their home. An example of how cash out refinancing works is described in’s article with the following:

“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. Of course, you typically can’t access the entire amount of your equity. Usually, you’re limited to a loan-to-value (LTV) ratio of about 80%, although some lenders may allow 90% LTVs (generally with a significantly higher interest rate as well as points – and you’ll also have to pay private mortgage insurance).”

Whatever the reason may be, there are many viable reasons why loan borrowers may want to take a cash out refinance loan, and the article includes a list for the most common reasons why. But regardless of the reason, the article ends with Loan Love pointing out that the equity is still a home owner’s money and by using cash out refinancing, they can make the best of it by refinancing to the current lower mortgage interest rates. To learn more on cash out refinancing, please visit for the complete article.

Media Contact: Kevin Blue,, 949-292-8401,

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Cash Out Mortgage Refinance Advice Given In a New Article from

San Diego, CA (PRWEB) October 11, 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 familiarize their readers with the many loan options that are currently available, Loan Love is continuously updated with new guides and informational articles. A recent article from the loan borrower advice website takes a look at cash out mortgage refinance loans and how borrowers can take advantage of them.

The article explains that, in the past, the ultimate goal of homeownership was usually to pay off the mortgage as quickly as possible so that the owner would be able to live in their house free and clear. However, this has changed over the past few decades, and most homeowners may not have the same mindset of generations past. This is primarily because tax laws make it more advantageous to have a mortgage, as they allow the homeowner to deduct the interest on the mortgage. Once they pay off their mortgage they will no longer have this benefit. However, one of the biggest reasons that many have changed their mindsets is because it is now easier than ever to tap into equity that has been built up in a home, something that was difficult to do a while back. Now, homeowners have access to equity loans, lines of credit and, of course, cash out refinances which allow them to use this equity to their advantage.

Loan Love says in their article: “So just what is a cash out refinance? 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.”

Of course, the borrower will not usually have access to the whole amount of the equity. Usually, they will be limited to a LTV (loan-to-value) ratio of around eighty percent. Some lenders will allow up to 90%, but usually at a higher interest rate and points, as well as having the borrower pay private mortgage insurance (PMI). But despite the limitations, there are many reasons a borrower might want to cash out. As per the Loan Love article, reasons to use a cash out refinance loan may include:

“Pay for college tuition for your kids or yourself Afford that wedding of your dreams – or your child’s dreams Get those renovations done on your home – and increase your equity all over again in the process Buy an investment property Start a new business and thumb your nose at your corporate gig”

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 mortgage refinance loans, please visit


Texas Auto Title Loan Encourages Budgeting Alongside Taking Out an Auto Title Loan

DALLAS, March 8, 2013 (GLOBE NEWSWIRE) — Given the rapid influx of auto title loans in recent decades, lenders have come out in droves to cash in on “small-dollar” loan lending. Secured by the title of a vehicle owned outright, U.S. consumers are paying $3.6 billion in interest every year by taking out $1.6 billion in auto title loans. While lenders may be meeting consumers’ immediate cash flow needs, predatory lending has become a huge concern for groups like the Center For Responsible Lending, a nonprofit, non-partisan organization that fights predatory lending practices.

While there are companies out there committing lending abuses, Texas Auto Title Loan wants to help consumers everywhere understand the consequences of borrowing on a short-term basis. They make a concerted effort to provide visitors to their website with valuable information in areas of borrowing, budgeting, debt, money management, and often times the downside of borrowing with an auto title loan.

“At Texas Auto Title Loan we promote ethical and responsible borrowing and lending. We don’t use our blog as a tool to get people to borrow money, but we want to educate consumers on all aspects of finances including how to avoid taking out an auto or car title loan if possible,” says Robert Gross, CEO of Texas Auto Title Loan.

Visitors to TATL’s blog can find information on many different topics including budgeting to avoid taking out an auto title loan and staying out of debt. Article’s even include: tips on saving for the holidays, how to budget as a single parent, credit card versus cash advances, and how one’s personality affects their spending habits. The goal of TATL’s web-log is to give its readers quality and informative content reaching far beyond the concept of taking out a loan. Gross says he wants people to understand what auto title loans are and the consequences that come along with not being able to pay it back. “We are looking to help people with their finances, not put them in jeopardy. If we can educate them along the way, that’s even better.”

About Texas Auto Title Loan

Texas Auto Title Loan (TATL) is an online lender providing short-term small dollar loans based on the value of the borrower’s vehicle. Regulated by the state of Texas, TATL promotes responsible borrowing and lending. For more information, visit

The Texas Auto Title Loan logo is available at


Laura Solomon