Welcome to the Consumerist Archives
Many thanks for visiting Consumerist . At the time of October 2017, Consumerist isn’t any longer creating content that is new but go ahead and search through our archives. Here there is 12 years well worth of articles on anything from steer clear of dodgy frauds to composing a complaint letter that is effective. Take a look at a few of our best hits below, explore the groups noted on the left-hand part regarding the web web page, or check out CR for ranks, reviews, and customer news.
Missouri AG Shuts Down Eight Online Payday Lenders Running From Southern Dakota Reservation
A lot more than 6,300 Missouri residents will get refunds or have actually their debts voided after their state’s attorney general reached an understanding having an online payday loan provider predicated on a Sioux booking in Southern Dakota. More
On The Web Payday Lending Organizations To Pay For $21 Million To Stay Deception Charges, Must Waive $285M In Loans
It is no key that payday financing businesses charge high interest levels and a butt-load of charges with their dollar that is small loans. Payday financing businesses break federal regulations by perhaps perhaps not being upfront concerning the often extremely inflated fees they charge. The FTC today jumped in to block two online payday financing organizations from preying on customers using the highest fine ever levied against a lender that is payday. More
Protecting Military Servicemembers From Predatory Loans Is Really a nationwide Protection Problem
In the past few years, we’ve written a wide range of tales about regulations directed at protecting active-duty servicemembers and their loved ones from predatory loans plus the companies that you will need to benefit from loopholes within these guidelines. Some visitors have actually expected why people of our forces that are armed defenses perhaps maybe not offered to civilians. But this really isn’t about simply doing one thing good for the soldiers; it is about getting rid of a risk to security that is national.
1-In-4 People In America Seek Out Payday Advances & Different High-Cost Financial Loans
Whenever discussing the main topic of pay day loans — or any other high-cost, short-term lending options like auto-title loans and check-cashing — there may be a tendency to deal with them like something which just a tiny portion of americans utilize. But a report that is new the FDIC confirms that 25% of us have actually looked to one of these brilliant possibly predatory solutions into the previous 12 months, and that this price is not taking place. More
The most effective Lines From John Oliver’s Takedown Associated With The Cash Advance Industry
As regular readers of Consumerist understand, we are not quite fans of this loan industry that is payday. When we had been snotty teenagers and lived when you look at the exact same neighbor hood as Mr. Payday, we would leave a flaming bag of dog poo on their home. That is why it was so good to see our disgust for pay day loans provided by John Oliver on HBO’s Last Week Tonight. More
CFPB: ACE Money Express Need To Pay $10M For Pushing Borrowers Into Pay Day Loan Pattern Of Financial Obligation
Another lender that is payday a hefty fine — towards the tune of ten dollars million — for presumably pressing borrowers in to a period of financial obligation. More
Bank Of America Agrees To Scan For Prohibited Payday Lenders In NY
Payday financing is illegal much more than the usual dozen states, including New York, many loan providers are able to travel underneath the radar by running on the web or hiding their loans included in another business. No stranger to the issue of questionable loans — is the first to sign on in an effort to crackdown on loans that violate state laws, New York has created a database for banks to use to help identify sketchy lenders, and Bank of America. More
CFPB Report Confirms Payday Lenders And Loan Companies Would Be The Worst
For many years, payday loan providers and loan companies did their work while being mostly ignored by federal regulators that are financial. And a report that is new the customer Financial Protection Bureau, which recently gained oversight authority on the biggest of those companies, calls out lots of the sketchy, often unlawful, practices some during these companies have now been getting away with for way too long. More
Payday Lenders Cannot Utilize Tribal Affiliation To Garnish Wages Without Court Order
For decades, a few sketchy payday lenders have actually been making use of purported affiliations with tribal lands to attempt to skirt federal and state laws and regulations. But courts and regulators have actually been recently cracking straight straight down on these operations, stating that a tribal connection does perhaps maybe not shield a company from prosecution. One procedure dealing with fees through the Federal Trade Commission has consented to spend almost $1 million in charges over costs it illegally garnished borrowers’ wages and wrongfully sued them in tribal courts. More
Contrary To Popular Belief, Outlawing Pay Day Loans Will Likely Not Result In Looting & Pillaging
Experts of payday financing state the training traps numerous borrowers in a financial obligation spiral, forcing them to obtain extra loans to pay for straight back the initial. Yet these short-term loans do have proponents (most of them profiting from the industry) whom declare that without this pricey selection for fast money, hopeless consumers will consider more unsavory means, leading to increased crime prices along with other doom and gloom predictions. But does that basically happen? More
CFPB In “Late Stages” Of Focusing On Rules To Get Rid Of Predatory Payday Lending
Lisa took away an online payday loan to simply help spend her lease. Whenever she could not repay the mortgage after week or two she rolled it over, bringing her total financial obligation to $800. After repaying https://www.personalbadcreditloans.org/payday-loans-ar significantly more than $1,400, she continues to be stuck when you look at the door that is revolving of related to payday financing. It is stories such as these that the buyer Financial Protection Bureau aims to stop with brand brand brand new guidelines to manage the cash advance industry. But those within the payday industry state Lisa needs just known better. More
4 Away From 5 Pay Day Loans Are Made To Consumers Caught With Debt Trap
The revolving home this is the payday financing debt trap is genuine. The high-interest, short-term loans could even be much more damaging to people that formerly thought. Four away from five pay day loans are rolled over or renewed every week or two by borrowers whom find yourself spending more in fees compared to the quantity of their initial loan, a brand new customer monetary security bureau report discovers. More
Banking institutions Ditched Payday Lending-Like Tools, But What’s Upcoming?
Bank might have exited the lending that is payday this thirty days, but it doesn’t suggest their next foray into tiny dollar loans may be any less predatory. That’s why the National customer Law Center is urging banking institutions to exhibit leadership in developing credit that is affordable for consumers. More
After Which There Clearly Was One: Wells Fargo, U.S. Bank Discontinue Payday Loan Items
The tiny victories are accumulated into the battle against predatory loans this week. Wells Fargo and U.S. Bank announced they are going to discontinue high-risk payday lending programs. More