http://www.paydayloantimes.com News about the ever-changing payday advance industry Tue, 05 Jan 2010 08:27:07 +0000 http://backend.userland.com/rss092 en Democrat Representative Luis Gutierrez says that while his bill does have some crucial protections for borrowers it will be the best deal he can manage in the face of the industry's aggressive lobbying. "While they may not be JP Morgan Chase or Bank of America, they're very powerful. Their influence ... http://www.paydayloantimes.com/2009/04/lobbying-by-payday-lenders-finally-pays-off.html According to a report by the Center for Responsible Lending, payday lenders are approximately eight times more concentrated in California's Latino and African-American neighborhoods. These companies drain these communities of approximately $247 million each year in payday loan fees. The Center for Responsible Lending states that regulation should be enacted ... http://www.paydayloantimes.com/2009/03/california-payday-lenders-target-african-american-and-latinos.html The Idaho State Senate has approved new legislation which requires any payday loan company doing business in Idaho to be licensed to do business in the state of Idaho.This new legislation will close a loop hole in which companies are incorporated in a state with loose regulation are allowed to ... http://www.paydayloantimes.com/2009/03/idaho-senate-passes-regulation-to-stop-unlicensed-payday-lenders.html Republican Sharon Nelson is attempting to bridge the gap between stricter payday lending standards and a bill that will pass the Senate Committee.Every year Seattle tries to send through a payday loan bill that caps the annual interest rates at 36% for lenders and the committee battles it out and ... http://www.paydayloantimes.com/2009/03/new-payday-loan-bill-hits-seattles-senate-committee.html Just as legislation for payday lending has been tightening the industry's guidelines some lenders are still offering payday loans for unemployed borrowers and others with no credit checks. Cyrus Haden, head of the marketing department at Payday Loans without Credit Check says, "Availability of Payday loans no credit check is ... http://www.paydayloantimes.com/2009/03/payday-loans-with-no-credit-checks-or-employment.html South Carolina legislators gave overwhelming key approval to a bill aimed at preventing residents from being trapped in a cycle of debt through payday lending.The proposal, approved 93-16 yesterday, stops consumers from taking out more than one loan at a time, and puts limits on the size of loan they ... http://www.paydayloantimes.com/2009/02/south-carolina-house-passes-payday-loan-legislation.html The general consensus among consumer advocates is that payday loans need stricter regulation. The new House Bill 396 is aimed at doing just that to both payday and title loans. Republican Bill Wilson, the sponsor of the bill, said he wants to cap interest rates at an annual rate of ... http://www.paydayloantimes.com/2009/02/stricter-payday-loan-regulation-in-sight-for-montana.html As stricter regulation keeps being released, payday lenders have been investing more in their pawn operations. Pawn shops allow people who are strapped for cash to swap jewelry, music systems, electronic gadgets, and other items for cash. Some of these lenders include Ezcorp Inc, Fast Cash Financial Services Inc, and ... http://www.paydayloantimes.com/2009/02/payday-loan-companies-investing-in-pawn-shops.html As the economy gets worse payday loans, which are use by working-class people, are increasingly being sought by middle-income families. These middle-income families use to get short-term loans from either a bank, credit union, or credit cards. However with the recent credit crunch and recession these people have turned to high-interest payday loans.  Payday ... http://www.paydayloantimes.com/2009/02/as-the-economy-worsens-people-look-to-payday-loans.html The Virginia Senate unanimously passed a bill Friday that that would fix a loop hole that was opened to payday lenders starting January 1st. A restriction was passed last year that prevented payday lenders to offer their loans as of January. However, it also approved the majority of the state's ... http://www.paydayloantimes.com/2009/02/virginia-sends-a-signal-to-payday-lenders.html