payday loans http://wrkf.org en Payday Loan Reform Advocates Appeal to Federal Government http://wrkf.org/post/payday-loan-reform-advocates-appeal-federal-government <p>Efforts to get payday loan reform in Louisiana failed in the state legislature during the recently concluded session. The advocacy group Together Louisiana has since sent a letter to the Consumer Financial Protection Bureau asking for safeguards to be enacted nationally.</p><p>Together Louisiana wants the bureau to implement new rules that would prohibit issuing payday loans to borrowers already in debt or unable to afford repayment, and increase the reporting requirements on payday loan transactions.</p> Thu, 12 Jun 2014 21:22:19 +0000 Wallis Watkins 27929 at http://wrkf.org Payday Lending: 3 Million Louisiana Loans http://wrkf.org/post/payday-lending-3-million-louisiana-loans <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>You live on a limited income, paycheck to paycheck. Now your next paycheck is in jeopardy, because your car won’t start. What to do?</p><p>There’s that payday lending store around the corner, so you go take out a loan and buy a new battery for your car. You give the lender a post-dated check for the amount of the loan, plus interest and fees. The lender cashes your check after you get paid. Done deal, right?</p><p>Not always, according to David Gray with the Louisiana Budget Project.</p><p> Mon, 07 Apr 2014 08:00:00 +0000 Sue Lincoln 24814 at http://wrkf.org Payday Lending: 3 Million Louisiana Loans Lending Circles Help Latinas Pay Bills And Invest http://wrkf.org/post/lending-circles-help-latinas-pay-bills-and-invest <em>As part of its Changing Lives of Women series, </em>Morning Edition<em> is exploring women and their relationship with money: saving, purchasing and investing for themselves and their families. Tue, 01 Apr 2014 07:05:00 +0000 Shereen Marisol Meraji 24550 at http://wrkf.org Lending Circles Help Latinas Pay Bills And Invest Rally for Payday Lending Reform http://wrkf.org/post/rally-payday-lending-reform <p></p><p></p><p></p><p></p><p>Penny Fisher says she got caught in the payday loan trap.</p><p>“I borrowed $300 back in ’95, and ended up paying $4,983.30 back.”</p><p>Thelma Fleming had two jobs, and lost one. She went to a payday lender to borrow money to pay her bills.</p><p>“And I borrowed $300. That really changed my life because I lost my car. My checking account was closed.”</p><p>State Senator Ben Nevers of Bogalusa says enough is enough. Wed, 26 Mar 2014 08:00:00 +0000 Sue Lincoln 24284 at http://wrkf.org Rally for Payday Lending Reform Banks Come Under Fire For Filling In The Payday Loan Gap http://wrkf.org/post/banks-come-under-fire-filling-payday-loan-gap A payday loan is a costly form of credit operating on the fringes of the economy. That's why the target of a new crackdown by federal regulators may surprise you: Instead of a forlorn-looking storefront with a garish neon sign, it's your familiar neighborhood bank.<p>A small but growing number of banks, including some major players, have been offering the equivalent of payday loans, calling them "deposit advances."<p>That is, at least, until bank regulators stepped in Nov. Thu, 05 Dec 2013 10:03:00 +0000 Robert Benincasa 19661 at http://wrkf.org Banks Come Under Fire For Filling In The Payday Loan Gap I Applied For An Online Payday Loan. Here's What Happened Next http://wrkf.org/post/i-applied-online-payday-loan-heres-what-happened-next Payday lenders made about $49 billion in high-interest loans last year. More than a third of those loans were made online. I wondered what happens when you apply for such a loan, so I decided to find out.<p>In the course of reporting a story earlier this year, I logged on to a site called <a href="etaxloan.com">eTaxLoan.com</a> and filled out an application.<p>I asked for $500 and, to be safe, I made up an address, a name (Mary) and a Social Security number. Wed, 06 Nov 2013 08:04:00 +0000 Pam Fessler 18430 at http://wrkf.org I Applied For An Online Payday Loan. Here's What Happened Next