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Online payday loan companies that charged up to 919% interest will spend $489 million to repay some 555,000 borrowers, to settle a class action lawsuit brought by eight Virginians. The lawsuit alleged that Golden Valley Lending; Silver Cloud Financial, Inc.; Mountain Summit Financial, Inc.; and Majestic Lake Financial, Inc., all formed under the laws of […]

Stay one step ahead In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition. Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.) […]

Payday lenders provide small loans that are repaid in one lump sum, usually on the borrower’s next payday. Although these loans can offer quick funding without a credit check, they often trap consumers in a cycle of debt due to the short repayment term and high annual percentage rate (APR). Of the 26 states that allow payday loans, […]

Given the high inflation environment we currently live in, unexpected expenses can sometimes derail your financial plans, forcing you to wait for your next paycheck. However, it doesn’t have to be, as cash advance apps can help provide hassle-free short-term funding. This article discusses five of the best instant payday cash advance apps, covering their […]

The typical interest rate in Michigan right now for payday loans or short-term loans is 370%. The rate is an issue that a group wants to change. “We’ve modeled our campaign on several other states that have recently approved payday loan reform and are proposing to cap interest rates at no more than 36%,” said Michiganders For […]

Despite all the pros and cons, payday loans are still the most convenient option for meeting immediate cash needs. Payday loans can cost you a lot more in the long run than you originally planned to borrow. Payday loans can quickly become a trap for borrowers due to their high interest rates and fees. The […]

From time to time, Louisiana lawmakers have come to the aid of those who make so-called payday loans. Sen. Rick Ward, R-Port Allen, is this year’s champion with Senate Bill 381. Legislation that was narrowly passed by both houses would cap finance charges at 100% of the original loan amount. That means lenders could charge […]

Public Service Commissioner Foster Campbell, the state’s second-longest-serving official and an early supporter of Gov. John Bel Edwards, wrote to the governor on Friday asking him to veto the loan legislation. payday that sat on his desk for the past week. “The last thing Louisiana needs to fight its ranking as the second-highest state in […]

George Lea, 76, and his wife Linda, 71, used loans from Provident to help pay for everything from grocery shopping to buying Christmas and birthday gifts, but after they were sold poorly , loans were offered a pathetic amount of compensation. A desperate grandfather who fell victim to loan sharks has been offered pathetic compensation […]

Section 347 of the Criminal Code specifies that payday loans are legal in Canada and are not prohibited. With respect to payday loans, subsection 12(1) of the Criminal Code states that a lender must follow a set of guidelines before granting the loan. Are there places in Canada where I can get the fastest and […]