September 24th, 2008
There is a new phone scam where phony debt collectors call posing as law enforcement officers, lawyers, bankers and other professionals with authority. The targeted consumer is falsely threatened with arrest for committing bank fraud. They are very intimidating and scare and confuse consumers with legal and financial jargon. The goal of the scam is to get your bank information so you can wire the money you owe so you won’t get arrested.
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Tags: advance, cash, loan, payday, scam, west virginia
Posted in West Virginia Payday Loans | No Comments »
September 24th, 2008
Following Pennsylvania’s interstate payday loan legal lead, Minnesota is now requiring all cash advance companies making small loans to Minnesota residents be licensed under MN law Monday.
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Tags: advance, cash, loans, minnesota, payday, regulations
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September 24th, 2008
The Ohio Ballot Board voted in favor of payday loan companies this week when they voted against interest related language that was to be placed on a ballot. The language would outline what could be charged on a loan, 390% or more. Anyone familiar with how a payday loan works knows that the cash advance is short term, so traditional means of calculating interest such as APR, don’t apply since most loans are paid back in 2 weeks. The panel concluded that allowing the language to be included was prejudicial.
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Tags: advance, cash, laws, loan, ohio, payday
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