Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Reward offered for robber of cash advance store who bound clerk


Home for the holidays, Detroit woman shot to death on Christmas morning

Home for the holidays, Detroit woman shot to death on Christmas morning

Updated: Wednesday, December 31 2014 12:32 AM EST2014-12-31 05:32:29 GMT

A bright young woman with a promising future had her life cut short on Christmas morning on Detroit’s east side. Christina Samuel was sitting in her car when she was killed.

A bright young woman with a promising future had her life cut short on Christmas morning on Detroit’s east side. Christina Samuel was sitting in her car when she was killed.

Former Motown musician wants stolen instruments back

Former Motown musician wants stolen instruments back

Updated: Tuesday, December 30 2014 11:18 PM EST2014-12-31 04:18:23 GMT

A West Bloomfield woman who played on some of Motown’s biggest hits is asking for the public’s help.

A West Bloomfield woman who played on some of Motown’s biggest hits is asking for the public’s help.

Stretch of road renamed for fallen Westland firefighter

Stretch of road renamed for fallen Westland firefighter

Updated: Tuesday, December 30 2014 10:21 PM EST2014-12-31 03:21:56 GMT

A one-mile stretch of Ford Road has been re-named The Brian Woehlke Memorial Highway. And for those who fought fires alongside of him, it’s a good way to keep his memory alive, they said.

A one-mile stretch of Ford Road has been re-named The Brian Woehlke Memorial Highway. And for those who fought fires alongside of him, it’s a good way to keep his memory alive, they said.

Reward offered for robber of cash advance store who bound clerk

Reward offered for robber of cash advance store who bound clerk

Updated: Tuesday, December 30 2014 9:33 PM EST2014-12-31 02:33:25 GMT

Waterford Township police are looking for an armed suspect who robbed an Advance America Cash Advance on Dec. 23.

Waterford Township police are looking for an armed suspect who robbed an Advance America Cash Advance on Dec. 23.

Police look for killer of Inkster boy found shot to death in street

Police look for killer of Inkster boy found shot to death in street

Updated: Tuesday, December 30 2014 8:56 PM EST2014-12-31 01:56:41 GMT

Inkster police are looking for a killer after a 17-year-old boy was gunned down, his body left in the street Monday night.

Inkster police are looking for a killer after a 17-year-old boy was gunned down, his body left in the street Monday night.

Boaters, off-road drivers to face stricter drunk driving laws

Boaters, off-road drivers to face stricter drunk driving laws

Updated: Tuesday, December 30 2014 8:14 PM EST2014-12-31 01:14:18 GMT

Michigan now has stricter drunk driving laws for boaters, snowmobiles and off-road vehicles. Gov. Rick Snyder said that the new legislation will improve public safety but some people are wondering what the real intent of the law is.

Michigan now has stricter drunk driving laws for boaters, snowmobiles and off-road vehicles. Gov. Rick Snyder said that the new legislation will improve public safety but some people are wondering what the real intent of the law is.

Graffiti of angel holding police officer at gunpoint spurs outrage

Graffiti of angel holding police officer at gunpoint spurs outrage

Updated: Tuesday, December 30 2014 7:42 PM EST2014-12-31 00:42:22 GMT

Both police and the director of a youth center in Detroit call a recent graffiti painting “hurtful.”

Both police and the director of a youth center in Detroit call a recent graffiti painting “hurtful.”

Ndamukong Suh wins appeal, will play vs Dallas

Ndamukong Suh wins appeal, will play vs Dallas

Updated: Tuesday, December 30 2014 7:07 PM EST2014-12-31 00:07:24 GMT

The Lions learned Tuesday that defensive tackle Ndamukong Suh will, in fact, play in the wild card game against the Dallas Cowboys.

The Lions learned Tuesday that defensive tackle Ndamukong Suh will, in fact, play in the wild card game against the Dallas Cowboys.

Detroit Weather Authority Forecast: A Chilly End To 2014

Detroit Weather Authority Forecast: A Chilly End To 2014

Updated: Tuesday, December 30 2014 5:55 PM EST2014-12-30 22:55:07 GMT

Weather Authority Rich Luterman: Colder and colder through the New Year.

Weather Authority Rich Luterman: Colder and colder through the New Year.

Warren teacher charged with battery of 67-year-old woman

Warren teacher charged with battery of 67-year-old woman

Updated: Tuesday, December 30 2014 5:39 PM EST2014-12-30 22:39:59 GMT

A Warren Mott High School teacher spent part of her Christmas break in jail after being arrested in the Florida keys.

A Warren Mott High School teacher spent part of her Christmas break in jail after being arrested in the Florida keys.

[…]

Websites offering instant cash still operating despite payday loan rates cap

Websites offering instant cash still operating despite payday loan rates cap – ITV News Top stories Your area National Border Tyne Tees Calendar Granada Central Anglia London Meridian Wales West Country (E) West Country (W) Channel Topics World Politics Business Money Health Education Entertainment Royal Technology Sport And Finally Environment Science Travel Religion Economy Weather Countryside Employment Animals Consumer Weather Main page content

[…]

Fresno pushes payday loan limits, critics stress financial dangers

FRESNO, Calif. (KFSN) — The Fresno City Council is hoping to limit the spread of payday loan businesses in the city.

A majority of the council approved a plan to require special permits for any new payday loan operation. One goal is to use zoning and land use laws to keep them out of the poorest parts of town.

Critics say they damage the city’s economy by charging huge interest rates that trap financially struggling people in an endless cycle of debt. City regulations will not impact the stores already open.

Related Content

More: ABC30 Neighborhood NewsMore: ABC30 apps | News | Weather | Alarm Clock

66 payday lenders are licensed in the city of Fresno, with seven stores in a half-mile stretch of Kings Canyon Road in Southeast Fresno.

Critics say these payday lenders are targeting the working poor, setting up shop in the parts of Fresno with lower income levels. They say that creates a vicious borrowing cycle. State officials even say payday loans create annual interest rates of about 460 percent.

A recent Pew Research report shows the average payday loan consumer ends up paying nearly double the loan amount, just in fees.

“When it’s all said and done six, seven months later, on average, folks are way further in debt than they were to begin with,” said Faith In Communities Executive Director Andy Levine. “They’re still struggling to get by.”

Levine says he backs the stunning Pew report. Ministers in his group are constantly seeing people running to payday lenders, only to end up worse off.

“It was a clear case of usury, which across our faith traditions and very clear in our faith teachings is immoral and unacceptable,” Levine said.

FIC is one of the lead supporters for stricter regulation of the already 66 payday lenders in Fresno.

Here’s how these loans work in California: all a borrower needs is a source of income and a bank account. You can take out up to $300 per loan, which typically needs to be repaid in two to four weeks. Before walking out the door, with cash in hand, the store keeps 15 percent. That leaves the borrower with $255.

According to Pew Research, if you don’t pay back in time you can pay the average fee of $55 to extend the loan.

The average payday borrower extends for about five months and can end up paying nearly double the loan, more than $500, only in fees. That’s in addition to paying back the actual loan.

A large group of payday loan employees pleaded with Fresno council members Thursday that their industry is already heavily regulated.

“Where do you go when you need extra cash for your child’s medicine, who do you turn to when that unexpected bill arrives at your door,” said Advance America employee Brian Rivera.

Payday lenders also worry strict regulation will send people to borrow online, which they and consumer advocates say can be even more dangerous.

(Copyright ©2013 KFSN-TV/DT. All Rights Reserved.)

Get more Local »

Tags:

fresno

,

fresno county

,

local

,

rick montanez
Print Report a typo […]

Most home loan customers expect a rate cut

A survey has found that 88 per cent of home loan customers expect an interest rate cut to be announced after Tuesday's Reserve Bank board meeting. […]

Payday Loan Problems | KDRV

Payday Loan Problems. April 12, 2012. Oregonians desperate for funds are turning to payday loans to get through. Oregon has a tough law to protect consumers, limiting the interest that can be charged to 36%. But now, some loan companies … […]

Mo. AG To Appeal Payday Loan Ruling – Project Economy News …

JEFFERSON CITY, Mo. — The Missouri attorney general's office says it will appeal a decision striking down the ballot title of an initiative that would limit payday loans . Wednesday, April 11, 2012. […]

Rehab and Care may have to borrow again

MURPHYSBORO — The Rehab and Care Center of Jackson County has the cash on hand to pay back almost half the money it owes the county’s solid waste fund, but making the payment may mean taking out more loans in the future. […]

FTC sues online payday loan company

The TV ads were enticing and convincing: With just a few clicks online, a $1,500 payday loan could be yours. […]

New loan shark laws unveiled

A raft of proposed new laws to stop dodgy loan sharks taking advantage of people who are strapped for cash have been announced.Consumer Affairs Minister Chris Tremain today released the draft legislation for the Credit Contracts… […]

Contact 6 issues payday loan scam alert

MILWAUKEE — For people who need a little extra cash, payday loans are tempting, but FOX6?s Contact 6 says beware!… […]