Beware of payday and other dangerous loans Jun 30, 2008
When the loan is due, the lender submits your postdated check to your bank for payment in full. If you do not have the necessary amount in the bank, your check will bounce, incurring a fee from your bank, typically, $35, and a fee from the payday lender, typically $35-$50. (Petersburg Progress Index, VA)
Payday lenders look to voters May 24, 2008
The borrower writes a postdated check, which includes the loan principal and fee, and exchanges it for cash. Typically, at the end of two weeks, or after a payday, the lender cashes the check or the borrower repays the debt with cash. (AZCentral -- News)
Title loans fly under radar in predatory-lending debate Mar 3, 2008
Payday loans require a personal, postdated check as collateral for a loan. Car-title lenders require the title to your car, which they put a lien on, and a copy of the keys in case they end up repossessing it. (Helena Independent Record, MT)
A look at car title lenders vs. payday lenders Mar 3, 2008
Payday loans require a personal, postdated check as collateral for a loan. Car title lenders require the title to your car, which they put a lien on, and a copy of the keys in case they end up repossessing it. (Concord Monitor)
Consider alternatives to a payday loan Feb 29, 2008
Payday loans are also called check loans, postdated check loans or payroll advance loans. To take out a payday loan, you fill out an application and provide a paycheck stub and photo ID, sign the loan agreement, write out a postdated check to the lender and get cash back minus the fees for the loan ... If the money isn t in your checking account when the loan comes due, you can refinance the loan for additional fees by writing another postdated check. (Chippewa Falls Chippewa Herald, WI)
Fund Firm Names Hsu in Suit Sep 20, 2007
It would get a postdated check for its investment, plus a guaranteed profit that typically exceeded 20. Source Financing and Components entered into 247 deals from April 2005 to August 2007, the suit says. (Wall Street Journal)
Banking on payday loans Jul 21, 2007
Borrowers can either give lenders a postdated check for the total amount plus interest or provide access to their bank account to have funds electronically withdrawn. If the full balance cannot be paid on time, borrowers pay a finance charge and the loan is continued until their next pay cycle. (Austin Business Journal, TX)
People with shaky credit get suckered by risky loans Apr 30, 2007
With a payday loan, you write a postdated check against your next pay period and walk away with cash. The fees are stiffHarris usually pays $50 for a $250 loan. (MSNBC -- Business)
Payday lenders want piece of pie Mar 18, 2007
BRINGING BACK PAYDAY LOANS Proposal: House Bill 163 How it would work: Borrower writes postdated check for loan amount plus fee ... The recruiter left with $100, leaving behind a postdated check for $120 to cover the loan amount, plus the $20 fee. (Atlanta Journal-Constitution)
State, payday lender reach agreement Mar 14, 2007
Payday loans are short-term loans or cash advances, which are secured with a postdated check for the full loan amount plus interest and fees. These loans typically have triple-digit interest rates and are illegal in West Virginia. (Charleston Gazette, WV -- News)
Laskowski's confession determined admissible Feb 27, 2007
Items removed from evidence include two clothing belts, a roll of undeveloped film, a postdated check for $1,000 and a VCR.. Inside the VCR, police discovered two suicide notes, which will be entered into evidence. (The Hawk Eye)
Reader's Alley Dec 25, 2006
Second, in his landmark paper In Defense of Payday Lending (The Free Market, Vol. 23, No. 9, Sept. 2003), Dr. Thomas Lehman proved that The real price signal to which the borrower responds is the flat fee that is charged to hold the postdated check, not the APR.. Capping loans at 36 percent will drive payday lenders out of business. (Helena Independent Record)
SAN FRANCISCO - Banking program for low-income residents Sep 29, 2006
" Cisneros and Mayor Gavin Newsom spoke at San Francisco City College's downtown Fourth Street campus. Cisneros said the plan to reach out to 50,000 residents lacking checking or savings accounts is the first of its kind in the United States and that he hopes 10,000 people will take advantage of the program over the next two years. To participate, banks agreed to require no minimum balances, accept applicants who had previously bounced checks and who do not possess a state identification card or... (San Francisco Chronicle -- Politics)
Escaping the payday loan 'trap' Sep 20, 2006
Lenders provide immediate cash in return for a postdated check for the loan plus the fee, often with no background credit analysis. Steven Schlein, spokesman for the Community Financial Services Association, says that borrowers often choose payday lenders to avoid high bounced-check or credit-card late fees from mainstream lenders, which can be as pricey as some of their products on an annual basis. (USA Today -- Money)
Pentagon urges limits on payday loans Sep 4, 2006
After showing his military ID and a proof of address, he wrote the lender a postdated check for $300. Five minutes later, the sailor walked out with $255 cash in his pocket. (Washington Times)
Pentagon says payday loans shortchange troops, military goals Sep 3, 2006
Essentially, he borrowed against his next paycheck: After showing his military ID and a proof of address, LaForce wrote the lender a postdated check for 300. Five minutes later, the sailor walked out with 255 cash in his pocket. (North County Times)
New Defense Department Study Shows Payday Lenders Preying on Soldiers and Sailors; The President of the Center for Responsible Lending Says Congress Should Act to Protect Service Members Aug 11, 2006
Payday lenders, who typically require borrowers to endorse a postdated check, trap borrowers in a cycle of debt at annual percentage rates of 400 percent. The average payday borrower pays back $827 for a $339 loan. (PR Newswire)
