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Respected Non-Profit Reports Problems with Internet Payday Loans: Survey

Respected Non-Profit Reports Problems with Internet Payday Loans: Survey October 18, 2014. By Gordon Gibb.
Washington, DC You have to know that something is a definitive issue when the venerable Cable News Network aka CNN gets into the act. This time it’s CNNMoney, reporting on Internet payday loans and the efforts of the Pew Charitable Trusts to establish a snapshot of just how bad things can get. Given the availability and ease of acquiring a payday loan online, little wonder so many Americans and even state Attorneys General are filing a payday loan lawsuit.
Read [ Respected Non-Profit Reports Problems with Internet Payday Loans: Survey ]

Internet Payday Lender Group Sues, Regulators Promptly Fight Back

Internet Payday Lender Group Sues, Regulators Promptly Fight Back September 15, 2014. By Gordon Gibb.
Washington, DC It’s somewhat poetic that the US Department of Justice, in attempting to protect consumers from the chokingly high interest rates inherent with many online payday lenders, dubbed its effort to rid the industry of illegal operators as “Operation Choke Point.” Still, that hasn’t stopped an industry group representing payday loan lenders from filing a payday loan lawsuit of its own against the feds for allegedly trying to force US banks to drop those lenders as clients.
Read [ Internet Payday Lender Group Sues, Regulators Promptly Fight Back ]

Crackdown on Illegal Internet Payday Loans Nets Help for Consumers

Crackdown on Illegal Internet Payday Loans Nets Help for Consumers August 4, 2014. By Gordon Gibb.
Annapolis, MD The state of Maryland is the latest to bring the hammer down on the Internet payday loan and, specifically, the duo of Western Sky Financial (Western Sky) and CashCall Inc. According to The Baltimore Sun (6/24/14), the lenders and state regulators agreed to a $2 million settlement designed to address unsavory lending and collection practices that were described as “abusive.”
Read [ Crackdown on Illegal Internet Payday Loans Nets Help for Consumers ]

Is Your Internet Payday Loan Provider Legal Where You Live?

Is Your Internet Payday Loan Provider Legal Where You Live? July 11, 2014. By Gordon Gibb.
New York, NY It’s little wonder that more and more consumers strapped for cash and turning to the online payday loan industry for help, soon turn to a payday loan lawyer. That’s due to the number of online payday loans that are illegal: they are not licensed in the state to which their marketing is directed, and from which loans are sourced.
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Internet Payday Lender May Owe As Much As $20 Million to Consumers

Internet Payday Lender May Owe As Much As $20 Million to Consumers June 15, 2014. By Gordon Gibb.
New York, NY An Internet payday lender that fell under the weight of state lawsuits, in spite of claims of immunity under Indian tribe status, may, in tandem with its service partner, owe New Yorkers caught up in the online payday loan snare upwards of $20 million in excessive interest.
Read [ Internet Payday Lender May Owe As Much As $20 Million to Consumers ]

Credit and Debit Card Companies Aiding the Fight against Predatory Internet Pay Loans

Credit and Debit Card Companies Aiding the Fight against Predatory Internet Pay Loans May 14, 2014. By Gordon Gibb.
New York, NY In its fight against illegal Internet payday loans, the state of New York scored a major victory when two of the biggest players in plastic agreed to halt the processing of Internet payday loan transactions that violate state laws.
Read [ Credit and Debit Card Companies Aiding the Fight against Predatory Internet Pay Loans ]

Internet Payday Lender Accused of Charging Minnesotans Predatory Interest Rates

Internet Payday Lender Accused of Charging Minnesotans Predatory Interest Rates April 25, 2014. By Gordon Gibb.
Ramsey County, MN An Internet payday lender that attempted to duck behind the protective shield of the Dormant Commerce Clause of the US Constitution, will have that cloak yanked away following a decision by the Court of Appeals.
Read [ Internet Payday Lender Accused of Charging Minnesotans Predatory Interest Rates ]

Landmark Ruling Threatens Internet Payday Loan Loophole

Landmark Ruling Threatens Internet Payday Loan Loophole March 22, 2014. By Gordon Gibb.
Las Vegas, NV A landmark legal ruling appears to have stripped away any perceived immunity by Internet payday loan vendors who have, until now, operated under the premise of protection through an affiliation with a Native American tribe. The ruling, affirmed this month by a Nevada federal judge, provides the Federal Trade Commission (FTC) with almost limitless power to pursue cases involving online payday lending, and other alleged infractions, against individuals or enterprises so affiliated.
Read [ Landmark Ruling Threatens Internet Payday Loan Loophole ]

Banks Accused of Aiding and Abetting Predatory Internet Payday Loans

Banks Accused of Aiding and Abetting Predatory Internet Payday Loans February 18, 2014. By Gordon Gibb.
Four Oaks, NC Victims of Internet payday loan proprietors and the predatory interest rates they charge have a friend in the US Justice Department. As various states have taken matters into their own hands and launched Internet payday loan lawsuits against Internet lenders, the feds have launched their own initative. Dubbed “Operation Choke Point,” the investigation is not directly targeting the lenders themselves, but rather the banks that allow them to process their exorbitant fees in the first place.
Read [ Banks Accused of Aiding and Abetting Predatory Internet Payday Loans ]

Internet Payday Loan Lawsuit Filed Just before Christmas

Internet Payday Loan Lawsuit Filed Just before Christmas January 17, 2014. By Gordon Gibb.
Boston, MA The parade of Internet payday loan lawsuits advanced last month with the filing of an action by the Consumer Finance Protection Bureau (CFPB) against CashCall Inc., among other defendants. CashCall is based in Anaheim. The allegations include an accusation that CashCall had undertaken to debit consumer checking accounts for loans that had been made illegally. The loans therefore, according to the lawsuit, are void.
Read [ Internet Payday Loan Lawsuit Filed Just before Christmas ]

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