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Payday loan industry defends its practices in Calgary as city considers restrictions

Stan Keyes, the head of a Canadian payday lenders association, says a push by city councillors for tighter restrictions on the industry in Calgary to reduce poverty is uniformed and misguided.

“It’s easy to say they take advantage of people,” Keyes said. “The truth is that among other small credit options … a payday loan might be the smartest option. These loans are less expensive than a series of overdrafts or defaulting on an auto loan or mortgage.”

At Monday’s council meeting, Brian Pincott, Druh Farrell and Andre Chabot will introduce a motion that calls on a clear definition of “payday loan businesses,” for bylaw amendments to prevent clustering of payday businesses and for higher licensing fees.

The motion says payday loan businesses and other “fringe financial lenders,” such as pawnbrokers and cash-for-gold operations, thwart poverty-reduction efforts by municipal and provincial governments.

“They rely on repeat customers. They encourage repeat loans,” Farrell said Sunday. “Often if people are unable to pay back the loan they encourage them to renew the loan and those are at usury interest rates.”

The motion follows recommendations made last June by a Calgary social services agency for the city to adopt stricter regulations on the payday loan industry.

‘The Real Cost of Payday Lending’ report by Momentum Community Economic Development said consumers should be adequately shielded through regulations and for governments, financial institutions and non-profits sectors to fill the void created by tighter rules.

“Consumers should be able to access it at a reasonable annual rate of interest,” said the report.

Canada’s Criminal Code allows for loans up to $1,500 for a maximum 62 days and caps the annual interest rate of 60 per cent. However, provinces can circumvent that cap and allow payday lenders to charge higher, annualized, rates.

Alberta, for example, allows payday lenders to charge up to 23 per cent interest on the principal amount.

Momentum said the provincial government should repeal the Alberta Payday Loans Regulations and adopt the Criminal Code’s maximum rate.

“(Payday lenders) are focusing on neighbourhoods where they can exploit the residents that can live there,” Farrell said. “We need people living in poverty, low-income wage earners to have more stable financial practices.”

Keyes dismissed the suggestion the payday loan industry targets low-income people, saying the businesses are often in walkable corridors and in stripmalls near banks.

He said the payday loan industry would welcome traditional financial institutes introducing similar short-term, small sum loans because the consumer would benefit from more options.

“The repercussions of putting too many restrictions on our industry could result in the industry in saying, ‘We’re scaling back,’ ” he said. “Where does that put the consumer? Going to unregulated, unlicensed online lenders is a real threat right across Canada today.”

Keyes hoped to speak on behalf of the industry at an upcoming SPC planning and urban development meeting later this month.

thowell@calgaryherald.com

Twitter@TSHowell

[…]

Vancity shakes up payday loan industry

A Canadian financial group is trying to reshape the market for “payday” loans in B.C., introducing a short-term lending alternative aimed at people struggling to make ends meet who are often under served by mainstream financial institutions.

Vancouver-based credit union Vancity recently launched a product for its members that could replace payday loans, the cash advances some people use to get through to the next paycheque. About two million people are estimated to take out payday loans, or use cheque cashing services, in the country each year, according to the Canadian Payday Loan Association (CPLA).

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“The financial sector hasn’t been meeting this need,” said Linda Morris, senior vice president of business development at Vancity. “If it isn’t going to be met on one side of the street, people will go to the other … We’re trying to say we think we can do something different here.”

Vancity’s “Fair & Fast Loan” is offered to its credit union members in amounts up to $1,500, and borrowers can take up to two years to pay back the loan, rather than the traditional two-month term of most payday loans, allowing a credit rating to be built up.

The largest draw is likely to be the low fees. The credit union said a $300 loan with a two-month term that was paid in two weeks would cost $2.20 in interest payments. That works out to a 19-per-cent annual percentage rate, or APR, well below the nearly 600 APR charged by some payday lenders for the same loan.

The payday loan industry thinks more competition from new entrants is good for customers. But the group does not see other banks or financial institutions offering short-term credit alternatives any time soon.

“What the consumer of the payday loan product wants is to walk in, put evidence down and be out of there with their loan in less than 20 minutes,” said Stan Keyes, president of the CPLA, the industry group representing more than 800 retail providers of payday loans and cheque-cashing services. He questioned whether Vancity’s longer wait and conditions would be attractive to the typical payday loan customer. Payday lenders can move as quickly with the limited conditions they require, and the price is higher fees.

“We do have a bit of a conversation – we’re not as fast as other payday loans – but on the other hand, I think there are some real benefits [such as] the opportunity for the future,” Ms. Morris said.

Canadian payday lenders have faced criticism in recent years from government officials and other groups that said the lenders prey on customers with bad credit and often send borrowers spiralling toward bankruptcy. In 2007, the federal government amended the Criminal Code to give provinces the power to cap payday-loan interest rates below the federal threshold of 60 per cent a year.

Manitoba was first to crack down with lower fees in 2008, bringing maximum interest rates down to 17 per cent for payday loans up to $500 . Most other provinces followed with legislation capping charges at between 20 and 30 per cent. The maximum rate in B.C. is 23 per cent, which works out to about 600 per cent on an annualized basis for a 14-day loan.

Governments are considering further regulation. Ontario said it would review the province’s Payday Loan Act with an eye on technology, online loan approvals and consumers seeking multiple loans. It also planned to review the maximum amount companies can charge, which is currently capped at $21 for every $100 borrowed.

In Britain, the Church of England is preparing to launch the Churches’ Mutual Credit Union (CMCU) in October as a counter to payday loan outlets. The church has been campaigning against these lenders saying they are “fuelled by stagnant wages, rising living costs and limited access to mainstream sources of credit.” It praised Canada and the United States for introducing stronger regulation.

Many Canadian payday-focused firms were casualties during the provincial crackdown on fees. Mr. Keyes said this helped clean up the industry, but he is worried about the effects of too much tightening.

“If a province over regulates a product to make it so difficult, and the margins so low, to operate, [payday lenders] just say ‘sorry, we can’t do that,’” Mr. Keyes said.

The pent up demand for loans might go offshore to online lenders in the Cayman Islands or Belize, or to unregulated native reserves, he said.

Follow Jacqueline Nelson on Twitter: @j2nelson

[…]

Merseyside schoolchildren to be taught about the dangers of using loan sharks

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Youngsters will be given lessons in money management to keep them out of the clutches of violent criminals

Merseyside schoolchildren aged as young as five are being taught about the perils of using loan sharks.

Dozens of primary schools are using ready-made lesson packs – funded from criminals’ confiscated cash – to warn their pupils about the dangers of illegal money-lending.

Youngsters will be given lessons in money management to keep them out of the clutches of loan sharks, who sometimes use intimidation and violence on their victims.

The scheme, organised through the England’s loan shark squad, the Illegal Money Lending Team, has seen a significant take-up from schools in the county.

Councillor Jane Corbett, cabinet member for children’s services in Liverpool, said: “These packs are helping children from their earliest days in school understand about the dangers of loan sharks and through them make their families more aware about their activities.

“It is very important that our young people learn about managing their finances – the better educated they are in this area the less they are likely to become victims of loan sharks later in life.”

Warning children of the dangers of loan sharks reflects the enormity of the problem on Merseyside – a hotspot for illegal money lending.

One illegal lender from Wirral, who was jailed in 2012, charged 2,752% interest on a loan – 161 times more than an average credit card.

Nationally, desperate borrowers hand over £700m a year to unregulated lenders who demand rip-off rates of interest.

Tony Quigley, head of the England Illegal Money Lending Team, said stamping out the scourge of loan sharks meant educating the next generation.

He said: “Money management is a vital part of children’s education, and it is important we develop an understanding of the dangers of loan sharks.

“Not only will this help to send a preventive message, when children reach adult life but it is hoped that they will also share what they have learnt with their families.”

Schoolkids are using the teaching resources to think about their needs and wants, develop an understanding of credit and sensitively look at the issues of loan sharks.

Lesson plans for five-year-olds including a cartoon about a penguin who borrows from a loan shark to fix a broken fishing rod.

Secondary school pupils are looking at real life case studies of loan shark victims and being taught about credit.

Officers from the unit have already visited schools on Merseyside to host assemblies on the issue.

Ruthless loan sharks often resort to violence

Loan sharks will typically appear friendly at first but their behaviour can quickly change.

Many resort to threats and violence to enforce their debts. They operate illegally, and rarely give paperwork, keeping borrowers in the dark as to how much they are paying back.

Some will even take items such as passports as security or even bank cards with the PIN in order to withdraw directly from borrowers accounts.

Tony Quigley, of head of the England Illegal Money Lending Team, said: “An estimated 310,000 individuals across the country are in debt to a loan shark, and we have seen first hand the devastating impact this crime can have on families and communities.

“Loan sharks will trap borrowers into spiralling debt, and have been known to resort to intimidation, violence, threats or worse to force people into paying back far more than they have borrowed and can afford.

“We will not tolerate this criminal behaviour.”

Anyone who has been the victim of a loan shark, or knows of someone who has, can contact the Illegal Money Lending Team in confidence on 0300 555 2222. Lines are open 24/7 and callers can remain anonymous if they wish.

Merseyside loan shark charged 161 times more interest than an average credit card

Gerald Daord, 53, Prenton, Loan Shark

Ruthless Merseyside loan shark made a fortune while exploiting desperate families.

Gerald Daord, 54, charged one customer an exorbitant 2,752% interest on a loan of just £350 – 161 times more than an average credit card – in a four-year period of illegal money lending.

The Birkenhead crook was jailed for 16 months in 2012 and was later made to pay back illicit profits totalling £110,000. When questioned, Daord told investigators he didn’t see it as interest but simply as “a good drink off them.”

Liverpool businessman John Radford, currently serving eight years in prison, locked borrowers into a cycle of debt through eye-watering interest rates backed up by threats.

Former head doorman Radford was branded “as slippery as an eel” by a top judge, who was told one victim’s supposed debt had spiralled to 13 times the original amount.

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[…]

Man 'had £175,000 in bank notes'

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14 February 2014 Last updated at 14:33 ET

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Delicious Digg Facebook reddit StumbleUpon Email Print The money was allegedly offered as security for a loan

A man charged in connection with the Northern Bank robbery in 2004 allegedly offered £175,000 in cash as security for a loan, a court has been told.

The money was carried into a property developer’s office in two plastic bags, Cork Circuit Criminal Court heard.

Timothy Cunningham Snr, 65, of Woodbine Lodge, Farran, County Cork, denies a total of nine charges of money laundering relating to the robbery.

A still unidentified gang stole £26.5m from the Belfast city centre branch.

The claim was made in evidence by John Sheehan, who owned Cúl na Gréine House in Ballincollig, County Cork, where he and Mr Cunningham had offices.

Mr Sheehan said he got a call from Mr Cunningham on 5 February 2005 asking him if he would lend Mr Cunningham 200,000 euros for a period of six to eight weeks.

He said he did not want to give Mr Cunningham the money, but that Mr Cunningham told him he would give him sterling.

Mr Sheehan said: “I said, why don’t you put the sterling in the bank. I didn’t really want to give him money.

Various bundles

“He said he needed sterling to pay for a conservatory he was buying in Northern Ireland. I said, if you give me sterling I will loan it (200,000 euro) to you.”

He said Mr Cunningham arrived into his office carrying two plastic bags with £175,000 on 7 February.

Mr Sheehan said it was British sterling made up in various bundles, which he put in a walk-in safe.

“He asked for three separate cheques, 100,000 euro, 44,000 euro and 56,000 euro, all made payable to himself,” Mr Sheehan said.

He said he heard on 17 February 2005 that Mr Cunningham was being investigated.

Mr Sheehan said he called the police and told them he had dealings with Mr Cunningham.

He said two gardaí visited him, counted the money in the safe, which totalled £175,000, gave him a receipt and took it away.

The trial continues next week.

[…]

Woman in Abu Dhabi tells of loan shark hell

A woman who says she paid back more than Dhs50,000 on a Dhs25,000 loan to an illegal loan shark has begun a criminal case against the money lender.

The Filipina was at Abu Dhabi Criminal Court along with a group of supporters to lodge the case.

The woman said she has spent more than a year trying to make repayments to the Filipino money lender, who kept insisting that she owed more and more cash under a rising compound interest system. She eventually went to police, who advised her to first lodge a case in court.

One of her supporters, a sales officer for a UAE bank, said the woman had paid “between Dhs50,000 and Dhs60,000” on her initial loan.

“The person who gave her the money wasn’t a full-time money lender, but would give out money from time to time,” she said. She added that the case showed why people should go to legitimate lenders and not take loans under vague terms. “She was afraid that she would get in trouble with the police if she did not make repayments, so she was borrowing from other people and was very worried,” the bank official added.

The woman had originally taken out the loan to pay rent on an apartment.

The case highlights the shady world of money lending to low-paid expats, many of whom cannot get loan approval from the banks. Earlier this month, a Filipino father and son denied illegally lending money when they appeared at Dubai Court of First Instance. They were accused of asking for 10 per cent interest or more

on loans.

Prosecutors said the son was seen at an ATM using 10 credit cards to withdraw cash from accounts. The son told police that he held people’s credit cards as guarantees on the loans.

sean@7days.ae

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For more stories like this and other great content, follow our 7DAYSUAE Twitter page by clicking here.

[…]

Is Cash Store Financial exploiting a loophole?


Is Cash Store Financial exploiting a loophole?

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By

Chris Bryan – Burnaby NewsLeader

Published:

August 08, 2013 2:00 PM

Updated:

August 08, 2013 2:35 PM

Despite the fact most provinces in Canada have introduced laws governing payday lenders, Acorn Canada has raised warning bells that some payday loan companies have developed a new product that seeks to bypass the rules.

Cash Store Financial, which operates Cash Store and Instaloans outlets, has recently added a line of credit product which has raised concerns among regulators, poverty advocates and even from the Canadian Payday Loan Association (CPLA) (of which they are not a member).

“It’s just a different name but they’re doing the same thing,” says Teresa Dettling of Acorn Canada.

Cash Store and Instaloans, which has two outlets in New Westminster and five locations in Burnaby, offer a Mastercard that can be used in $200 increments up to $2,000. The interest rate is 40 per cent annually, and though that’s nowhere near the 60 per cent limit outlined in the Criminal Code, it’s much higher than most conventional credit and retail store cards’ rates of 10 to 30 per cent.

What may come as a bigger surprise is the “monthly maintenance fee” for the card, which is $49.95.

A representative of Cash Store Financial who spoke with the NewsLeader agreed the costs are high, but that it’s necessary as the customers they serve are a higher risk for defaulting on the debts.

The company, he said, is moving away from payday loans with this line of credit product, and wants to position itself as a “bridge” for consumers between payday loans and mainstream banks.

He cites concerns raised by the Bank of Canada regarding record levels of household debt, and the need to bring high-risk borrowers into the banking fold. Payday loans are restrictive, he said, as they must be paid back quickly, resulting in a higher likelihood a person will default. As well, payday loans cannot be used to improve a person’s credit score.

“It doesn’t give the consumer a lot of flexibility,” he said.

The advantage of the line of credit is that it gives a person a longer time frame to pay back the debt.

Also, Cash Store says its line of credit allows people to build a positive credit history, and to that end has begun to offer a tiered interest arrangement that allows customers who pay on time to receive a declining interest rate.

“They would have a credit score—that would make them bankable,” he said. “They would have rehabilitated their credit. The customer should be able to graduate to a mainstream bank.”

Consumer Protection BC, which enforces the laws and licences payday lenders, is giving this new line of credit close scrutiny.

“We are aware that lines of credit are being offered… and we’re assessing these products,” said Manjit Bains, vice president of corporate relations for Consumer Protection BC, adding that they are reviewing the situation.

“We’re at a stage now where we’re not able to confirm our position.”

Once they do, Bains said they will communicate with the businesses involved.

“We would also provide information to consumers to help them make informed decisions in the marketplace.”

Asked about the fact the payday lending rules do not apply to Cash Store Financial’s line of credit product, the company’s representative said, “Cash Store is not looking to evade regulations.”

The company anticipates new rules are coming that will apply to this product, he added.

“We are in discussions with regulators across the country… as to how regulators will capture it.”

For its part, the Canadian Payday Loan Association (of which Cash Store is not a member) wants immediate action, and is calling on provinces to ensure the rules governing payday loans also apply to the line of credit.

“We are law-abiding companies that follow the regulations, and in fact work with government to provide the regulations we’re now following,” said the CPLA’s Stan Keyes.

“It’s hard for us to watch a company provide a payday loan-like product where they don’t follow the regulations. They’re unrestricted on their rates—and to that end the companies are laughing at provincial regulations. Frankly they’re laughing all the way to the bank.”

• • • • •

MORE IN THE SERIES:

Are payday loans a bum deal?

• Can banks do more to serve the poor?

[…]

Understand Payday Loans Prior To Getting One

Payday loans do not have to be frightening. Many individuals fear payday cash advances just because they don’t fully comprehend them. If you have any interest in cash advances, do not worry, but read the following tips and decide if a payday loan may be a good choice for you.

Always maintain a good record of timely payments with your lending company. You might need them again. Use the same firm every time you take a loan.

TIP! Contact a debt counselor if you’re completely relying on payday loans. If you needing a payday loan might be due to poor money management, a debt counselor can help you.

Don’t ever borrow money from a payday loan company if you know now that you can’t pay it back in a timely manner. Payday cash advances can be a lifesaver if used as intended (i.e. not rolling the loan over). But, failure to repay loans when due may cause costs to escalate greatly. This will put you in a vicious circle that will be hard to break.

Be aware that a payday lender may be able to access all of the information about your bank accounts. You should make yourself aware of this and any dangers. If you borrow through a lender that isn’t respected or legit, this could get you in even more serious financial trouble, which you want to avoid.

Payday Loan

TIP! An alternate choice to a payday loan is to see if your employer offers advances on paychecks. If your employer will let you have an advance from your pay, you could save a bundle compared to the interest lenders charge on payday loans.

You need to find different alternatives to taking a payday loan. Try borrowing money from people you know or from a bank. If these people and organizations can help you, you can avoid the high interest rates associated with a payday loan. Since interest rates are so high on payday cash advances, only borrow money if you are in dire need.

You can ask for help from loved ones for fast cash instead of the loan. If you cannot borrow the full amount, maybe you can reduce the amount of the payday loan you need. You can save some cash on the interest rate so you will not be on the hook for as much money.

If you discover that taking out a payday loan was a mistake for you, learn from it. You might be angry once you pay it off, when you see that the loan cost you possibly double the amount you borrowed after paying fees and interest. You can use these feelings to motivate yourself to start an emergency savings account, and borrow from yourself next time!

TIP! Be sure your bank account has the appropriate balance when your loan is due. Some people have unreliable income.

Take the time to research other options before you apply for a payday loan. Even credit card cash advances generally only cost about $15 + 20% APR for $500, compared to $75 up front for a payday loan. Better yet, find a friend or family member willing to help you out.

If someone else requests that you get a payday loan for them, don’t do it. Aside from the criminal aspect, you are putting your own finances at risk.

Whenever the due date of your payday loan arrives and you can’t pay it back, you should immediately contact the lender and see if you can get an extension. Cash advances can often give you a 1-2 day extension on a payment if you are upfront with them and do not make a habit of it. Make sure that you understand that such extensions do come at a price.

TIP! You should always look into other ways of getting funds. It is smarter if you can get a loan from a friend or family member, or even use a credit card! There are so many fees with payday loans that will be higher than any of the other options that may be available to you.

With any luck, this advice should have given you a better idea of whether payday cash advances are right for you. Think carefully about your decision. Be sure to follow up with more digging for information prior to making a choice, because there is usually even more out there to learn.

, , , […]

Askewl dot com « Suggestions On How To Use Payday Loans «

When applying for a payday loan, get an itemized list of fees and charges from your lender. Never simply trust an organization. You should be capable of fulfill the loan punctually, only use the bucks to the emergency.;

Go to the BBB website to see if lenders you are looking for are legitimate. Although certain companies are ethical, others are not. When the company has received complaints lodged against it, observe how the business responded.

Aren’t getting a loan out to get a friend utilizing your name, it isn’t a very good idea at all. In addition to the criminal aspect, you might be putting your individual finances at an increased risk.

More often than not, a payday loan is straightforward and quick to get. But you are usually expensive. An alternative, other than a payday loan, could be to see if you can get a loan from a loved ones. Carrying this out can save you some money and get the bucks you need.

Make sure you never let a loved one cloud your perspective of payday loans. In case a friend or family member gets refused for a payday loan, never accept to getting one for the children. If you undertake, you will end up liable if your person does not pay out back for your loan fderalpractitioner.com.

Question fees that are hidden. It isn’t easy to appreciate the amount is going to be charged before the question is asked and also you receive all relevant information. A lot of people may learn that their fees are more than expected after they’ve already signed the payday loan. Stay away from this pitfall by making sure to read all the documents and asking all critical questions.

What quantity of money you could get using a payday loan is determined by many variables. Generally, everything you make each month for your job could be the determining factor. Lenders will calculate the money that you earn as well as set a maximum amount that you just qualify for. You must understand this when it comes to applying which has a payday lender.

Be very sparing inside the usage of pay day loans and payday loans. When you are having frequent financial problems, you should consider credit guidance, or some sort of assist with management of their money. Payday loans that aren’t paid punctually mount up quickly and can bring about bankruptcy. Avoiding these refinancing options helps to ensure that you avoid this problem.

If you are presented with an option to obtain additional money than requested by your loan, deny this immediately. Greater you borrow, the more you’ll have to shell out in interest and charges. Only receive the money you require from the corporation.

If you must get a loan, shop around before making a determination. You may well be in dire straights, and you also probably need money fast. However, spending an hour or so looking at a dozen roughly options will help you locate the business enterprise with all the best rates. This can help you save time and effort later so you don’t have to spend your hard earned money on tons of interest.

When you invest in the following paycheck, make sure your payments for your payday loan are your main priority. Payday loans can help, but they could also amount to big in the event you default for the loan. You will have penalties and costs which might be problematic at best. Budget your paycheck to deal with this obligation immediately.

You’ll find payday loans that do not need faxed paperwork, but these loans have a big catch. You have to pay considerably more for getting them faster. This will mean that their fees and interest levels will probably be above other programs.

If payday loans have gotten you into trouble, there are lots of different organizations that could provide your with assistance. They will, without charge, enable you to negotiate a good interest rate and/or consolidate your loans.

The load from without money can get your meals at you, but hopefully this information is letting you feel much better. In the event you really must get yourself a payday loan then you’ve to understand you’re doing so you can actually determine you are making the best decision or otherwise.

[…]

Novel Notion of Payday Loans | TechVolcano.com

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Novel Notion of Payday Loans

Posted by admin on August 8th, 2012

In accordance with to info, 5 percent of all population of America exploit payday loans or one day have used them, and comprehend what it looks like. A payday loan lenders from the field supported a think that more than 24 million US dwellers – nearly ten percent of the grown-up population state they are somehow or very potential to receive a payday loan (Consumer Credit Research Foundation, 2004). That shows that the industry is increasing and its facility is realized just in a half, consequently developing of fresh businesses and numbers of credits is yet a prognosis.

The offers of having payday loans online now are rather frequent. Consumers who exhibit a tendency to utilize payday loans represent definite fiscal problems and great percentage of them can’t determine it without appropriate help, that’s why the number of people in need increases and the sphere receives catch. Payday loans clients are as well around four times more likely than all adults to have trapped in groundlessness. Yet definite consumers feel the essential need of applying for payday loans funds any time they want and they may be sure their financial difficulties are resolved.

For certain people payday loans are the only resolution in unforeseen situation. Among possible occasions might be the want of martial employees to determine their fiscal dilemmas, because they display a lot of reasons why it is practical for them.

Only estimating the condition of huge interest rates and short run support, a person might realise the matter of borrowing payday loans and the capability to redeem it. There are a lot of worries about obtaining such kind of borrowing, and there will be as many thoughts as there are dwellers exploiting it. Payday loans may be compared to any drug that traps reckless individual, and he continues using it no matter he wants it or not, as he determines urgent obligation in using it.

Many reforms of payday crediting turn around decisions to diminish constant money taking. At present people won’t have the possibility to receive more credit than it’s permitted in twenty states in in the state. Thirty-one districts prohibit rollovers. Seven states give Payday Lending 177 for mandatory cooling-off times between payday loans that vary from the next work day after two consecutive credits are repaid in Alabama, to 7 days after 5 successive loans are redeemed in Indiana. Twenty-eight states prohibit use of criminal penalties to encourage redeem of payday loans.

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