A Reporter’s Inside Look at the Confusing World of Online Payday Lending

National Public Radio (NPR) reporter Pam Fessler recently experienced firsthand the murky world of online payday lending. In the course of reporting a story, Fessler logged on to a site called eTaxLoan.com and completed an application for a $500 dollar loan. Despite using a false name, address, social security number, and bank account, Fessler was […]

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Poll Shows Bipartisan Support for Regulation of Payday Lending Industry

A recent poll of over 1,000 likely national voters conducted by Lake Research Partners indicates strong consumer support for financial regulation. Participants were especially outspoken about the payday lending industry; findings include: Over 70 percent of participants had an unfavorable opinion about payday lenders with 57 percent of total respondents describing their opinion as very […]

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Payday Loans Create a “Debt Treadmill”

While payday lenders may claim that they provide a needed service for consumers faced with an unexpected financial crisis, the newest chapter in the Center for Responsible Lending’s (CRL) State of Lending series suggests otherwise. Drawing on data from a number of recent studies, CRL notes that the majority of payday loans are taken out […]

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Director of Consumer Financial Protection Bureau Speaks to the National Baptist Convention; Addresses Payday Lending

Speaking before the National Baptist Convention, Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), called on religious leaders to continue offering guidance and support for members of their faith communities who are struggling financially. Using the story of Jacob’s Ladder as a metaphor, Cordray noted that for many families, particularly African-American families, the […]

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AARP article: New Loan Sharks

The following article appeared in the AARP Magazine on December 7, 2012. It includes the payday lending experience from Kentuckian, Mary Love.  The New Loan Sharks: Payday Lenders have more Tricks up their Sleevesby John Sandman Mary Love wants you to know: You don’t have to be poor to be a victim of payday loans. Love, […]

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C-J’s Better Life Blog: Don’t be fooled by predatory grinches

The following post first appeared in a Better Life, a blog for the Courier-Journal about the aftermath of the recession.  Amy Shir discusses the dangers of the debt trap caused by predatory payday lending.  Don’t be fooled by predatory grinches by Amy Shir Television and radio ads make payday loans sound easy and safe, but […]

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